Buying at Auction

Preparing to bid at Auction can often be an emotional time. We have put together the following information to hopefully prepare you and relieve some of the unnecessary stress that people often associate with purchasing a property at Auction.

Here are a few benefits for buyers when it comes to Auction day

  • You know the vendor is motivated to sell
  • You know exactly where you stand every part of the way
  • You have the ability to know where you stand in the bidding process
  • You have time to prepare beforehand
  • Eliminates negotiations with agents
  • The price paid should represent the true market value

Steps to Preparing to Buy at Auction

There are certain steps that should be followed to ensure you are ready and able to bid at an Auction

  1. Inspect the property as early as possible in the marketing campaign
  2. Speak to the agent selling the property and ensure they are aware of your interest
  3. Obtain a copy of the contract and other relevant documents prior to the Auction day
  4. Revisit the property if necessary
  5. Appoint a solicitor and have them review the contract
  6. Ensure your finances are in order and you have the funds available to pay the deposit should you be successful
  7. Call the agent prior to discuss any last minute questions
  8. If you require the agent or anyone else to bid on your behalf , appropriate documentation is required
  9. Pre-register with the agency or arrive at the auction early to register
  10. Be confident and comfortable

To continue reading about Buying at Auction we have an online booklet with all of the information. Simply click here to view it.

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