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Aug 12

5 Tips For Buying at Auction

Auctions are a popular way for vendors to sell, but research suggests that most buyers prefer NOT to buy a property through auction. There are some definite do’s and don’ts to be aware of if you’re planning to buy in this way.

1) Be clear on what the property is worth and what you’re prepared to pay for it. Do your research. Take time to research the area, what recent sales prices have been achieved. Talk to real estate agents and neighbours. Once you’re armed with this information, you can confidently set your limit and not go above it.

2) Attend a number of house auctions before yours to get an idea of how the process works. Observe the behaviour of auctioneers, buyers and sellers, as this can be very insightful (and even a little bit funny!).

3) Have the property and the contract thoroughly checked before the auction day, as a successful bid is not subject to finance or any inspections after the auction. On that note, organise your finance before the auction day so you can confidently make bids knowing you’re ready.

4) Don’t be afraid to ask for help. Buying at auction is a big decision, so consider engaging a buyer’s agent. They won’t get carried away and they won’t let their heart rule their head like we often can.

5) In property transactions, everything is negotiable, but be aware that when that hammer falls, that’s it. So if you want to alter the terms of the contract, make sure you do this before auction day. This can also give you a good indication of how confident the sellers are of selling the property, depending on how willing they are to negotiate with you.

If you’re looking to buy at auction and you want to organise your finance, please feel welcome to give Energise Home Loans a call.


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