Home Buyer - Tips For Auction Success

Be Prepared

• Research the market well before the sale date.
• Attend as many open for inspections of similar properties to draw comparisons.
• Monitor property auctions in the local area to get a feel for the process and an understanding of local market value.
• Organise your finance as early as possible.
• Ask your legal representative to look over the sales documentation and seek advice about any clauses or special conditions you are unsure of.
• It is recommended you utilise the services of a registered building inspector to report on the soundness of the structure.
• Confirm with the agent that the property is still going to auction as advertised.
• The successful purchaser will be required to sign a contract immediately after the auction and pay a 10% deposit.   Ensure you have the funds available either by personal cheque, bank cheque or ability to direct transfer electronically and provide confirmation of transfer.

Bidding at Auction

• Don’t be intimidated by other bidders – get in early with a reasonable bid.
• Attract the auctioneers attention by calling out your bid as well as raising your hand.
• Bid with confidence – but be mindful of your limitations.
• If bidding does not reach the reserve price, the highest bidder will be given the first right to negotiate after the auction – so ensure you bid and are the highest bidder to give yourself the best chance to negotiate for the purchase of the property.
• Remember a bid or offer cannot be accepted after the property has been knocked down to a successful bidder.
• Don’t forget that the agents are there to help make the auction process a happy and successful experience.   If you have any questions or concerns, seek out the sales agent for assistance.

For further advice contact Munn Partners Real Estate