Buying At Auction

Understanding the auction process is the key to feeling confident at auctions, whether in-person or online.

Before you consider placing a bid at an auction- you must be prepared!

If you’re financially prepared (pre-approval), and have done your research, auctions can actually be a pretty exciting event. Remember, if you are the highest bidder and win at auction, you’ll be the very proud owner of the property.

 

We have a few things that we consider ‘musts’ when it comes to auctions: 

  • Engage with the agent – ask them anything & everything! They are there to provide all the information you need and will help you navigate your way through the auction process.
  • Inspect the property – more than once if required, be sure that this is the ‘one’.
  • Request a copy of the Contract Of Sale - read through and ensure you are comfortable with the terms and conditions- remember an auction has no cooling off period and if you are the highest bidder on the day you will be required to sign this contract and pay the 10% deposit. Perhaps ask your Solicitor to check the contract over on your behalf.
  • Consider completing a building and pest inspection, this will identify any problems with the property, minor or major such as plumbing problems, structural defects or pest infestation issues that may need attending to down the track.
  • Ensure your finance is in order - we would recommend seeking pre approval before the day, and having the funds available to pay the 10% deposit.
  • Register -  You can do this in advance, or on the day by completing a simple form. You will be required to provide photo identification.
  • Set your limit and stick to it.
  • Bid – make sure you bid and not just spectate. Remember if the property is passed in without reaching the reserve price, the highest bidder gets the first right to negotiate with the seller. Don’t regret not giving yourself that opportunity.
  • Celebrate! Congratulations, you just a bought a new home!

 

We have a range of forms and fact sheets below that will help you in the lead up to auction day. And if you have any questions or concerns whatsoever, our agents Andy & Greg are always available to answer any questions you may have and provide the relevant documentation for you to do thorough research.

 

 

Happy bidding and we hope to be congratulating you soon! 

 

Lets Connect

Contact Details

6/1790 David Low Way Coolum Beach QLD 4573

(07) 5231 9831

info@coolumcoastalproperty.com.au

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