Buying at Auction

Buying at Auction

Buying at auction avoids the often prolonged waiting of the traditional offer/counter-offer negotiation process and uncertainty of what another buyer may be offering.

During an auction bids for the property are called in an open arena on a given day and time. If your bid is accepted you’ll have the satisfaction of knowing you have purchased at true market value.

An auction is an exciting environment where everything is out in the open. You can see your competitors and have confidence that others place similar value on the property as you. Let your sales consultant know if you are interested in an auction property so that you will be kept informed if a pre-auction offer is made and given the opportunity of submitting an offer or bidding if the auction date is brought forward.

If you are going to bid for a property at auction, you need to be prepared in advance. Remember, if you are the successful bidder at an auction, you are immediately committed to buy the property. You will not have the opportunity to take any legal advice, check aspects of the property, arrange a mortgage, or negotiate terms and conditions once the auction is finished.