jacknscoob

Hi Guys

We are going to try and buy a property in September at Auction. Although we have been to several auctions to observe the process this will be the first one we will actually bid at.

They say it is a buyers market here at the mo.

Any tips for us. Or good resources on the web people can recommend.

Thanks

J

islandergirl

Have never bought in QLD, but here are some general guidelines for buying at auction in SA & NSW.

There is no cooling off period at auction, you must pay the deposit usually 10% on the day and settle 30 days later.

You will need to have your finance sorted before the auction, ie unconditionally approved finance to the nominated amount that you are going to bid to (or maybe you are buying with cash, in which case you just need to be able to access the money for settlement within the 30 days).

Bring a cheque book because a 10% deposit is generally required on the fall of the hammer.

Not sure what the rules in QLD are for "vendor bid" but in some states the auctioneer has to declare this so you know if you are bidding against no one.
(Sometimes they take bids from nearby trees and cars to stimulate the price!)

I usually don't bid until the end, I'm the sniper in the sunnies and baseball cap (but don't worry would never be buying in QLD!)

wanderingwombat

You need to have your pest & building inspection done before the auction.

WW

Katehn

Hi,
I'm not sure if this is any help or not, but this website lets you know what the houses sold for and there is some other info as well. I've noticed some houses have sold for quite a bit less than advertised price. Good luck.
homepriceguide.com.au