Auction Buyer Guide

Prior To Auction

  • Even though you might know the property, if you’re thinking of buying it’s still wise to inspect both the property and the contracts.
  • It’s a great time to negotiate a sale prior to auction.  Most motivated vendors would rather negotiate before the auction and avoid auction day.
  • You could also negotiate specific terms and conditions which may suit you better
  • Remember all offers prior to auction will remain private and confidential between the involved parties and will not be known by the public.

On Auction Day

  • Bid confidently, set the tone of the auction. 
  • If no-one else bids, you’ll be in prime position for negotiating after the sale.
  • If the property is passed in and you are the highest bidder, you have first opportunity to negotiate a sale.
  • Have your finance and legal matters sorted, be prepared to pay the deposit, know what name your purchasing the property in and your solicitor/conveyancer details.

After Auction Day

  • Don’t wait for a property to be passed in, hoping for a bargain.  This is often the time buyers come out the wood work and frequently “dutch” auctions take place.
  • Vendors have often been busy constructing a “Plan B” in case the property didn't sell and no longer have the same eagerness to negotiate as beforehand.
  • Having said this, if the property is still for sale and you are interested, then by all means, make an offer!

 Useful links

www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners.page

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