Things To Think About Before Going To An Auction

By Phillip Elmowy

Attending an auction can be a fantastic & exciting method of sale for those looking to purchase a new property, however there are some things which prospective buyers need to keep in mind when going to an auction.

Set a budget
Achieving success at auction time requires that you have set a careful budget and that you are willing to stick with it. Don’t fall into the trap of spending more than you can afford.

Do your research
Make sure you carry out the essential research before placing a bid at an auction. This means not only thoroughly knowing the property you are planning on buying, but also the local neighbourhood. Make sure you have read up on the previous auction results in the area to get an idea of how much the property is likely to sell for and how much you are willing to spend.

Know your rights
When purchasing property at an auction, is it important that you know your rights and that you understand your legal responsibilities. Generally you can expect to be required to pay a 10% deposit on the spot after you have won the auction. Also, you will not get a cooling-off period after the auction is complete, so make sure you bid carefully and that your finances are in order before making any final decisions.

Up to Date

Latest News

  • Market Predictions Expected for 2018

    Mortgage rates are expected to keep rising Financial markets predict the Reserve Bank will lift the official cash rate off the record low 1.5 per cent level late in 2018, which would have a measurable impact on household mortgage payments. But even if that doesn’t happen, borrowers should prepare themselves … Read more

    Read Full Post

  • Donation to the Sydney Children’s Hospital Randwick

    Such an amazing effort made this year for our A Little Ray of Giving campaign. As a community we have collectively donated 192 Toys to Children whom will be spending Christmas Eve and or Day in the Sydney Children’s Hospital. We have received news that we will have enough gifts … Read more

    Read Full Post