Raine and Horne

Reserve Price Just before the auction, the seller will give their agent a ‘reserve’ price. This is the absolute lowest price that the seller is willing to take. As a buyer, this reserve won’t be revealed to you, so it’s a good idea to familiarise yourself with recent sales in the area. Passed In Those times that a property doesn’t reach its reserve price, it can be ‘passed in’ or withdrawn from auction. The vendor’s agent can then negotiate with the highest bidder, which may or may not result in a sale. Purchase at Auction When a property is sold at auction, the successful bidder is obliged to sign the contract of sale and pay their deposit right then and there. Building & Pest Inspections A building inspection gives you an expert’s opinion on the property’s condition. You’re paying for a professional to pick up on any significant defects or problems. As well as whether or not other pests might be present in the property you’re looking at. Strata & Company Title Searches If you’re buying an apartment, townhouse or villa, it pays to carry out a strata report. This quick search will show you the history and identify any problems with the property. As well as list any past or proposed repairs to other units and common areas in the complex. PROOF