January 01, 2021
Buying at Auction
If you are looking to buy at auction, there are a few things that you need to know before you consider bidding.
- Buying a property at auction is an unconditional sale, which means that you cannot buy the property at auction with conditions attached. Examples of conditions include subject to a building inspection, or subject to finance. If you require conditions please speak with the agent before you consider bidding.
- Ensure that you have checked with the agent if there is the requirement to register to bid for auction.
- Speak with the agent to ensure that you are aware of the deposit payment and settlement dates.
- Familiarise yourself with the auction rules on display at the property, or on our website, here [link].
- On auction day, ensure that you stand in clear view of the Auctioneer.
- When the auctioneer states the property is ‘on the market’, it will be sold to the highest bidder from that point.
- Should the bidding not reach the vendor’s reserve price, the property will be passed into the highest bidder, who will have the first right to negotiate.
- Upon sale, signed contracts will be exchanged, and the deposit must be paid.
For further details or any questions on the property you are intending on bidding on, please speak with the managing agent or the auctioneer.