Before bidding at auction, consider these auction property buying tips.
Bidding at a auction can sometimes be a daunting and hell raising experience. For those who have done their homework and are prepared for auction property buying, auction property buying may offer the following advantages:
- Transparency. All purchasers have an equal opportunity to bid in a public arena.
- Possibility of picking up a bargain.
- Certainty. With Sydney auction clearance rates usually exceeding 50%, there is a strong likelihood of achieving a result at auction.
However, anyone thinking about auction property buying should review these auction property buying tips:
- Auction contracts are unconditional. If you are the successful bidder, there is no cooling off period and no turning back.
- Be finance approved and know your limit.
- Check out the property. Order a building and pest inspection report and if the property is on strata title, organise an inspection of the strata records. Have a good idea of the property’s value. Do all your homework before auction property buying.
- Consult a solicitor or conveyancer BEFORE auction property buying. Ensure that you fully understand all the legal implications of auction property buying and any issues with the Contract.
- Be prepared on the day. You’ll need to register and show appropriate identification so that you can bid. If you are the successful bidder, you will need to provide the 10% deposit (or other amount previously agreed by the vendor).
Before auction property buying, consult with a buyers agent. They will be able to help you with all the homework before auction property buying and bid on your behalf at the auction.
If you are considering auction property buying, then call the experts in auction property buying, Buyers Domain, the professional way to buy property.