How To Buy At Auction
When buying at Auction make sure you understand all of your responsibilities and how things will work.
- Here is a list of things to help you when buying at Auction.
- Make sure you have reviewed the contract of sale and completed enquiries.
- Understand your financial limits and obtain finance pre-approval.
- Bring your personal cheque book, bank cheque or deposit bond. Speak to the agent to make arrangements in advance if unsure.
- Understand the rules of auction displayed at the property.
- Make yourself clearly visible to the auctioneer and, if required, register to bid on arrival.
- Bid confidently by stating your offer clearly or raising your hand or bidder’s number.
- When the auctioneer says ‘the property is on the market’ it will be sold to the highest bidder.
- If bidding doesn’t reach the vendor’s reserve price, the property will be ‘passed in’ to the highest bidder. That person has the first opportunity to negotiate.
- When the property is sold, the highest bidder must sign the contract, pay the deposit, and contracts are immediately exchanged.
