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Australasian Conveyancing Group
Property Conveyancers Adelaide S.A.
Unley Conveyancing is a member of the Australasian Conveyancing Group.
The basic ingredients of a property auction are pretty straightforward: there is an auctioneer, bidding and generally a lot of numbers being thrown around. But as a potential buyer, what are you meant to do on the day?
Auctions are tense, exciting and absolutely terrifying if you don't know what to expect. They can also be potentially very expensive if you inadvertently scratch your nose at the wrong moment. read on for top tips on auction know-how.
Understand the nuts and bolts:
An auction can either be held in a hired auction-room or at the property itself. If you plan to bid at the auction you need to register your details with the Land Agent.
Do your research:
Before you bid on a property you need to make sure you have done all of the essential building inspections, secured your finance and explored the area. An auction can give you a great opportunity to snag a bargain but it can also rush you into making a decision and tie you to terms that benefit the vendor.
Before you even begin to start bidding at auctions attend several for properties in the area you are looking. You will then have a better understanding of the process.
Use your head:
A lot of people have the unpleasant experience of spending money on inspections based on the 'expected' sale price only to be devastated on the day when it goes for substantially more. This can be a common occurrence and something you need to consider when hoping to buy at auction.
Also beware of the excitement trap – it is easy to get caught up in the energy of an auction and wind up bidding way above your budget. Set your budget and stick to it, not matter what. Take someone with you that you trust to stop you when necessary.