There are a few really important things you need to remember when you’re purchasing
a property at auction. Number one, it’s unconditional, so there is no three
day cooling off period. So do all the leg work beforehand. If you want building and pest inspections, you need to get your solicitor to look over the documentation. It needs to be done before auction day. You will be required to pay a 10% deposit when you sign the contract. If you do have variations on that, you need to seek approval
from the auctioneer or the agent before you
can bid on the property. And, ultimately, number three, it is really easy to get
caught up in the moment in an auction and go past your budget. So your budget is really important. You don’t want to push past
a level that you can afford. Good luck with your bidding at auctions. If we can be of any
assistance in just giving you some tips on how to bid at auction, we’d love to hear from you.