Tips When Buying At Auction
Tip Number 1 – Pre-approval of Finance.
It’s important to know your limits, your buying on an unconditional basis which means you need your finance approved in writing so you know you can be comfortable and bid and buy knowing you have the finance.
Tip Number 2 – Building Inspections.
Depending on whether the home is still under a builder’s warranty or not it is worth getting a pest and building inspection report on the home to give you knowledge of the structural condition and the peace of mind the home has no major defect.
Tip Number 3 – Check the Vendors Statement and Contract of Sale.
Understand the deposit terms needed on the day and the settlement terms you are bidding under. Also, ensure you have a conveyancer or solicitor check the paperwork you will be signing on the day to ensure you understand what you are buying.
Tip Number 4 – Insurance
If you are the successful bidder on the day ensure you take out a cover note of Insurance from the day you sign the contract as you have an equity interest in the property and you would want that protected.
Tip Number 5 – Make yourself known to the agent.
If you intend to bid on the home ensure you let the agent and auctioneer know of your intentions as they can assist you with buying the home on the day and with any questions that may arise during the auction. And when you bid at the auction bid strong with confidence.