Buying At Auction
There is a property advertised for auction in our local paper that we wish to buy. As this will be our first property purchase, what should we do?
Inspect the property thoroughly. This may be arranged by appointment with the auctioneers or by attending an “Open house”. Upon inspection, pay particular attention to the structure and condition of the property. If you have any concerns you would be wise to engage the assistance of a specialist, ie builder/architect in this area.
The selling agent will not disclose the reserve price but may give you a general indication of the expected price range.
Visit other properties for sale and attend open houses and other auctions to ascertain general property values in the area.
Importantly, contact your financial institution to ensure that you are eligible for a loan as an auction contract is an unconditional sale. Read the contract and other documentation to discover if the terms of sale will suit your requirements and whether any items are not included in the sale.
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