With the spring market heating up, we are seeing an increased number of homes going under the hammer.
So what’s involved in buying a home at auction?
– To be able to bid at auction you will need to register prior to the auction commencing. You will be asked to give your name, address and show proof of identity.
– If you are bidding on behalf of another person, you must provide a letter of authority stating you are authorised to bid on their behalf.
– An auctioneer cannot take a bit from someone who is not registered.
– Organise your own pest and building inspection prior to the auction of the property.
– Get your finances in order before the auction. Know exactly how much you can spend.
– If successful on the day, you will need to pay a 10% deposit.
– On the fall of the hammer, if you are the highest bidder you must sign the contract.
– There is no cooling off period.
It is worth attending as many auctions as possible so you feel comfortable with the process and understand how it works.