Your Complete Guide to Buying at Auction 3 Buying a home is exciting and there are many advantages to purchasing at auction. With the auction process being incredibly transparent, one of the many advantages of buying at auction is that the market determines the true value of the property. The opening bid is usually decided by bidders, but if no bidder puts forth an opening bid, the auctioneer may open with what is called a vendor bid to get the ball rolling, but from there, bidders ultimately decide on exactly what they feel the property is worth. WE’REHERE TO HELP Preparing for an auction Clear benefits to buying at Auction Sorting out your finances Saving a deposit Creating a budget Using a mortgage calculator Getting pre-approved finance Working with a mortgage broker Doing your research Inspecting properties 04 06 8 9 10 12 14 Making a pre-auction offer How to make a formal offer Common conditions of sale Auction day formalities Bidding strategies Completing the purchase Making the move: Your checklist Points to remember
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