Once you have identified a property that suits you and that is going to auction, it’s important to be able to set yourself up for success. Walk through the auction documents, property disclosures and reports, and ensure you have your finances organized by the auction date.
The process is created to be a completely transparent transaction, therefore make sure you’re familiar with and understand all the details and conditions of sale such as: the bidding process, deposit, possession date, etc. View the property as many times as necessary and, if you have any doubts, arrange for a builder, plumber, electrician or any other tradesperson to accompany you. Questions are always welcome!
It’s also good to note that sometimes the property may be sold prior to auction day. If another purchaser submits an offer prior to the auction, you’ll be contacted and given the opportunity of submitting your own offer (please note the seller will not sign back the offer). If multiple offers are submitted prior to auction, the sellers may decide to bring the auction forward, or simply sell prior to auction day. As a buyer, you can make that “show-stopping” offer prior to auction and claim ownership to the property. Above all, let the listing agent know if you are interested, and then either by submitting an offer immediately, or register to bid at auction.
1.Visit the Property
Make sure the property is right for you. Get to know it. Drive through the neighborhood at different times of day. Your Harcourts Realtor will hold open houses throughout the campaign. These are perfect opportunities for you to visit and receive all the information you need.
2. Do Your Research
Standard auction Terms of Sale are not subject to any contingencies, and are sold on an “as is” basis. The Harcourts Realtor will make comprehensive property information and disclosures available; however, you’re required to complete your own due diligence and be able to close on the date in the contract. Be sure to familiarize yourself with the Terms and Conditions of sale before you bid. Terms and Conditions vary slightly for each property.
3. Arrange the Deposit
Deposit terms vary from property to property. Because of this, pay close attention to the auction terms and conditions as the deposit will often be required to be paid on the day of the auction or before.
4. Register to Bid
Most importantly: don’t forget to register. You can obtain all paperwork from the listing agent prior to auction. You can even register someone else to bid on your behalf if you aren’t able to make it to auction day. Normally, registration must be completed and submitted the business day prior to auction day.