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Buying a Home at  Auction


The aim of an auction is to create excitement so all the people on the day bid the price up.  That's why you see agents talking in the ear of everyone at auctions trying to get the action happening.

This only works if people show up to bid, thats why this market is great no one is going to auctions.

Remember  once your bid is successfull you are 100% commited to buying the property.

Check the following long before auction day:

Contract of Sale
Deposit required on the day ( will they take a personal cheque?)
Has a title search been done by your solicitor
Have you carried out a building and pest inspection
Do you have preapproval for a loan. Is it in writting  
How long to settlement (30 to 90 days is normal) 

Tip

Go to plenty of auctions to see how they work and watch for tricks by the agents.


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