Be Prepared

Prior to bidding or making an offer, have you:

• • Arranged finance?
• • Organised your deposit?
• • Commissioned a pest inspection, if required?
• • Obtained a copy of the contract and fully understand it or received advice on the terms and conditions from your solicitor?
• • Calculated all costs i.e. Stamp duty and legal fees?

Offer prior to auction

In some cases, the owner may consider an offer prior to auction. Be aware that any offer made under auction conditions, if accepted, will require an immediate unconditional exchange of contracts before the property is taken off the market. Your offer must be submitted in writing on the contract document, along with your agreed deposit and a cooling-off certificate from your solicitor.

Auction day checklist

• Inspect: Properties are usually open for a minimum of 30 minutes before the auction. It’s a good idea to have a final look.
• Register to bid: Ensure you bring ID. You can register right up until the fall of the hammer.
• Bidding: Ensure your bidding number is visible to the auctioneer.
• Know your limit: Auction day can be stressful. Always ensure you bid within what you can afford.

At the fall of the hammer

• • If the property has reached the reserve price and you are the final bidder, congratulations—you have bought the property! You’ll need to sign the contract, pay the deposit, and there is no cooling-off period.
• • If the property fails to reach reserve but you are the highest bidder, you’ll usually have the first right to negotiate with the owner and the agent under auction conditions.
• • If the property is passed in, but negotiations don’t result in a sale, it will generally be placed on the market for private treaty negotiations.

If you have any further questions, we are happy to assist.