Check the Contract of Sale Double-check that your conveyancer is happy with the contract and get all changes in writing for auction day. Define your budget Know your budget to the dollar. Auctions often come down to nominal bid increases, so make sure you know your absolute limit – and stick to it. Get your finances in order If you are borrowing money, make sure you are approved to bid. A 10% deposit will be due on auction day if you are successful. Do your research Make sure you do your homework to establish the true market value of the property. Research the sales and advertising history of the property and neighbouring properties to understand local demand. This will give you an accurate guide to what you should bid to secure the property. Speak with the agent Speak with the selling agent and other local agents to find out what is really happening with the campaign, e.g. contracts issued, registered bidders, etc. If everything checks out, let the selling agent know you are interested in bidding, so they know to look for you during the auction. Do due diligence Arrange for strata, building and pest inspections. There is no cooling-off period for auctions – once you sign the contract, you are obliged to purchase the property. Preparing for auction
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