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Buying at Auction

By Claire Briggs

When buying at auction, many of the steps leading up to the purchase are the same as making a traditional purchase.
So be sure to read our other information pages, including ‘Preparing to Buy‘ and ‘Resources to Help Find a Property’.

Before buying at auction, it is important to:

  • Organise your finances before making an offer or bidding at auction. Make arrangements to cover the deposit should your offer or bid be successful, and arrange to have the appropriate mortgage funds available for settlement
  • If you are buying at auction, you will be able to inspect the contract prior to and at the auction
  • You may be required to pay your deposit and sign contracts on the day of the auction
  • Always set yourself a price that you do not want to go beyond and stick to it
  • Take an objective person to the auction; buying a home at auction is fast paced and can be very emotional, so it is important to have someone with you that you can trust and can help you make objective decisions in the heat of the moment

  • Bidding

    Our sales representative will be able to provide you all the information you need on how to make a bid, but some important tips to remember include:

  • Be at the auction venue early so you have time to register for the auction and settle before the auction starts
  • Once registered, you will receive a bidding card with a number on it, this allows the administrator to correctly register your bid, therefore once the auction has started, it is important to hold your number clearly in the air
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