Below are 6 tips to help you navigate your way through buying
real estate at an auction.
1. Research
Prior to attending an auction, you should familiarise yourself
with the local property market in which you are bidding as it is
helpful to have an idea on what similar properties have sold for in
that area. You may also wish to attend other auctions (even if you
have no intention of bidding) to familiarise yourself with the
process and what happens on the day.
2. Understand the process
It is very important to note that should you be successful at an
auction, that the contracts will be unconditional. There is no
cooling off period and you are not able to choose to not continue
with the purchase should you change your mind. You should therefore
undertake all of your due diligence and checks on the property
including pest and building reports, strata reports, council
searches and contract reviews prior to the auction date.
