The Way to WIN at Auction!

Do your homework:

To familiarise yourself with the auction process, you may like to start attending auctions as an observer. You can also ask your real estate agent if you have any questions, as they have the expertise about the auction process.

Pay close attention to detail:

It is important that you have your solicitor examine the Terms and Conditions of Sale before the auction to ensure that everything is in order. Also, if necessary, have a building and contamination inspection carried out prior to auction day.

Preparing for auction day:

Make sure you have read and understand the Auction Particulars and Conditions of Sale. Before auction day, you must get your finances in order. You should know how exactly how much you can spend and you must be in a position to bid on a cash unconditional basis. Most importantly, you need to stick to your limit because if you are the successful bidder you will be required to pay a deposit on the spot. The deposit is usually 10% of the purchase price so you must have the funds available.

Register your interest:

If you are interested in bidding for a property, register your interest with the company prior to the auction. This way, if a pre-auction offer is made, the selling agent can contact you and give you the opportunity to put your best offer forward.

Auction day:

It is good to arrive at the auction venue early. Make sure you position yourself close to auctioneer and have a clear view of other bidders. The auctioneer will begin the auction by asking for an opening bid and will nominate the increments by which the bidding can be raised. When you are ready to bid, raise your hand and call out your bid. If you don't feel comfortable bidding, your agent can do so for you.

Successful bidder:

If you are the successful bidder, you will be required to sign a contract and pay the deposit immediately. If you don't want to bid at the auction, some vendors may be willing to consider a pre-auction offer. This must be an unconditional offer which you can make through the selling agent.

After the agreement has been made:

Once it is sold under the hammer, the agreement is unconditional. This means you cannot change your mind and you must pay the balance of the purchase price on settlement day. This is the day you take possession of the property.


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