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A few tips for buying at Auction!

12 Feb 2010 Stuart Zullo 0 Comment

At our office, Professionals Paradise Realty at Casula, we have been responsible for many, many sales via the process of Auction.

For those who have never been to an Auction before , it can be a little daunting at first, but , after speaking to the right people ,the process can become easier and you will be well prepared.
 
Prior to the Auction commencing, you must register to bid. A current Driver’s license or Passport is sufficient. Once you have registered, the Agent will hand you a card to bid. If you cannot make it to the Auction, you can get someone to bid on your behalf. You must give the Auctioneer a written authority from yourself to do so.
 
When the Auction starts , the Auctioneer will give you a run down on the features of the property and any special conditions that may be relevant to the contract. Once the Auctioneer has done this, the bidding can begin. You must hold your card up if you make a bid.
 
A few tips before you start bidding. Make sure your finances are in order. If you are the successful bidder, you must then sign the sale contract and pay the deposit on the spot (usually 10% unless otherwise stated).The balance will have to be paid usually 6 weeks after.
 
Remember there is no cooling-off period if you buy at Auction, so it is advisable to do all the necessary Building and Pest Inspections before hand, if you care to.
 
Any special conditions to the contract can also be modified prior to Auction ,if agreed to by the seller. The agent can send a copy of the contract to yourself or your solicitor.
 
That’s pretty much how an Auction works and how you bid. If it is your first time then you may want to go to a few auctions before you bid at one, just to get a feel for how it all works.
 
If you would like some help, myself or any of the team would be more than happy to give you some advice, so please don’t hesitate to get in touch with me on 9731-6204 or my personal blog page www.professionalscasula.com.au/stuartzullo and we hope to see you at some of our Auctions soon.

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