The Melbourne Auction Bidding Service can be a very emotional and high-stress experience for both buyers and sellers. It’s important to prepare for auction by understanding what to expect, and how to best avoid being ‘gazumped’. This article will discuss the 3 main stages of buying a property at auction: preparation, the auction and bidding process, and what happens once the hammer falls.
In Australia, properties that sell at auction are sold unconditionally (unless there is a cooling-off period). The highest bidder will sign the contract immediately after the auction and must deposit 10% of the purchase price. This means you must be sure that you can afford the property and have the finance in place before attending auction. It’s also a good idea to get a full copy of the contract and have your lawyer check it for any nasty conditions.
Strategies for Success: Maximizing Your Experience with Melbourne Auction Bidding Services
Often there will be open for inspections and marketing leading up to the auction, so it’s essential that you attend all of them to understand what the property is really worth to you. It’s also important to know your budget and have a bidding strategy worked out prior to the auction. Ideally, you will have a buyer’s advocate with you who can act as your ‘grounding agent’ to stop you from spending more than you can afford.