Buying on auction is a simple process if you are well prepared
Below are a few hints and tips to get you up to speed.
- Try view the property before the sale date as there will be less hype and you can focus your attention on all the details. It is your responsibility to inspect the property you intend purchasing.
- Work your figures out before the sale and have a maximum point that you opt out on if the bidding gets too high for you.
- Get to the sale 1 hour beforehand. Register, read through the conditions of sale, re inspect the property and get as much info as possible. Ask the auctioneer anything that you think may be important.
- Find a comfortable place / position out of the sun’s glare where you can listen carefully to the auctioneer when he reads the conditions of sale and also where you can bid from. So be visible.
- If you are the successful bidder on the day the auctioneer will invoice you. You will be required to sign the conditions of sale immediately after the sale and put down a 10% deposit of the purchase price + Auctioneers commission + advertising costs. Make sure you have access to the funds on the date of sale. At Auction One we have a laptop at the sale where a person can do the internet banking for this amount.
- Once the attorneys have received the deed of sale you will be required to produce a guarantee for the remainder of the purchase price within a specific time frame as per the conditions of sale.
- If you are nervous about auctions, attend a few to get the feel and before you know it you will be bidding just like the rest.
- Most important point, have your finance in place on A – DAY.