The Auction system dates back to Roman times and has for centuries been used for the sale and purchase of property, goods and services. It is considered the fairest method of purchasing a property at the real market value. As a system of sale, it will never go out of date because it is both adaptable and convenient.
The more you know about the Auction process, the better your chances of getting what you want at a fair price.
The Benefits of Buying at Auction
No secret negotiations: At Auction, it's clear who your competitors are and, because offers are made publicly, you always know the state of the play.
Time to form a plan of action: Auction days are set well in advance, giving potential buyers plenty of time to arrange inspections, finance and even the sale of an existing home.
You won't miss your chance: Unless a property for Auction is advertised as being available for prior agreement, you can be confident that it will sell on Auction day and not before. Auction ensures you get the opportunity to buy. If you have indicated your genuine interest in a property that is 'for sale prior' your consultant will ensure the vendor knows of your interest.
Essential Preparation for Buyers
Things to do before the auction:
- Do the background work before the auction (price research, inspections)
- Study the Particulars and Conditions of Sale
- Obtain a LIM Report (Land Information Memorandum)
- Obtain a builder's report or registered valuation if you require them
- Obtain your finance