The auction game

Look Good Feel Better

Last week we looked at selling by auction. But what if you’re one of the crowd in front of the auctioneer - and the house of your dreams? Here’s what you need to know and do before the big day.

Do your homework

As there is no fixed price on a property being sold at auction, buyers must gather information about the property that will help them decide on what it’s worth. Go to the open homes and ask to return to the property at different times of the day. Salespeople usually supply LIM reports and titles, but it’s up to the buyer to seek their own builder’s report or valuation. Check other properties in the area and get sales statistics to find out the local prices ranges.

Organise finance

As you must be an unconditional cash buyer at auctions, go to a lending institution to organise a pre-approved loan to the value of the property you wish to buy.

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