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Property News

Auction Action

October 01, 2011

Question: I want to bid for a property at auction. What do I need to do to get myself organised given it will be an unconditional offer?


Answer: Being well organised before auction day can make your purchase a lot more enjoyable. There are a number of things that you can do prior to the day to make the transaction go as smoothly as possible enabling you to bid with confidence. Firstly, make sure you are getting good advice. Speak to your financial institution to confirm pre approval for your finance.


If you have any queries in relation to the home, its condition, then make sure you get those concerns looked at prior to auction day. Agents should be able to arrange access to the property which will allow you to organise an inspector to review the property and provide you with a report.


Also, during the time the property is advertised prior to auction, introduce yourself to the agent, ask for the agents' instructions regarding the deposit which is required to be paid on the auction day, as well as the settlement period and any variations that you may require. There is certainly no harm in registering for the auction prior to the auction day to beat the rush. Buying at auction is a great way to go, as it's an open and transparent environment.

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