Here’s 5 tips to help buyers get ready for an auction.

1: Be familiar with the auction process

Attend as many auctions as you can beforehand to understand the process.

2: Instruct your solicitor to check the sale contract

To protect yourself, have your solicitor check the contract so that you are fully aware of all sale conditions, your rights and responsibilities. Your solicitor will pick up on things that you may have missed or maybe don’t quite understand.

3: Inspect all reports before the auction

Make sure you gain all necessary termite, building, structural and engineering reports as well as crucial legal title information. This will ensure you are not left with the cost of damages you only discover after the sale.

4: Organise your finance beforehand

Make sure you completely understand your financial situation or you may risk falling into serious debt. Remember, you cannot get out of the sale once it has been made as there is no cooling off period.

5: Consider using the Auction Guarantee System.

The Auction Guarantee system puts a buyer (knows as an Auction Guarantor) in the “Box Seat” to buy the property, enables them to make $$$ even if they miss out on the property at auction and provides a way to buy the property under market price.

https://auctionguarantee.com.au/