BIDDING AT AUCTIONS
Avoid common mistakes

Buying at auction

Our buyer’s agents can assist with the auction process, bidding on the behalf of the buyer without wavering from the agreed ceiling price. With advanced research tools and extensive local area knowledge, a Belle Property buyer’s agent will determine the value of a property prior to the auction.

Before buying at auction

Our buyer’s agents recommend you to be prepared with all the right checks in place, long before auction day.

Buyers should ensure their finances are in order, building inspections have been completed and that a conveyancer has reviewed the contract of sale.

Property auction help

Bidding at auction can be intimidating. Emotions run high and auctions can be confusing. Auctioneers have strategies to encourage bidders to raise their bids, perhaps at a greater rate than feels comfortable.

Our buyer’s agents know how to read body language, understands when the auctioneer is engineering steep price hikes and can bid on a buyer’s behalf without emotion.

The most important tip for buying property

Whether the purchase is for an investment or primary residence, the most important aspect of the process is to buy well. Our knowledgeable buyer’s agents have access to in-depth market research and analytics to evaluate a property and arrive at the true market value.

Providing a price guide prior to auction helps ensure that a buyer doesn’t pay more for the property than what it’s worth.

Deposit and auction settlement process

Purchasing a property at an auction requires a non-refundable deposit to be paid and both buyer and seller to sign a contract of sale, on the spot. For property purchased at auction, there is no cooling-off period.

Settlement can occur anywhere from 30 to 90 days after the auction date, so having finances available or pre-approved is imperative. Our buyer’s agents can help liaise with a mortgage broker on a buyer’s behalf or work alongside a conveyancer to negotiate terms in advance of the auction such as a longer settlement period or a lower deposit.

Should an agreement be gained with the seller, these terms are appended to the sales contract should the buyer win the auction.

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