So the property you wish to purchase is going to auction. Here’s a quick guide to what you need to know come Auction time
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.