With demand so strong in the market, it’s not surprising that more and more sellers are opting for auction as their preferred method of sale, where competition can result in pushing prices above expectations.
In this climate, buyers are required to successfully navigate through the auction process, which can seem a bit daunting to the uninitiated, but following these 4 basic guidelines can help steer you towards a successful purchase.
1). First and foremost, do your research. Find out what other properties in the immediate area are selling for. Realestate.com.au is an invaluable tool and almost all recent sales are recorded as soon as the agent reports the sale.
2). Organise your finance. If you are the successful bidder, you will be required to sign an unconditional contract, which means no finance clause. Similarly, you may want to invest in a building inspection prior to the auction.
3). Have your legal representative look over the Contract and the Vendor’s Statement prior to the auction day. The agent will be happy to provide you with a copy of these.
4). Set your maximum limit and stick to it. If you miss out, don’t be discouraged – another property may well present itself which is far preferable to the last.
We hope to see you at one of our opens soon and best of luck with your purchase.
Until next week,
Nick Lord
Director.