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Auction Questions

Auction Questions

Old Apr 15th 2007, 1:30 pm
  #1  
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Default Auction Questions

Before bidding do you have to register or do something or once you get there its a free for all?
Also imagine i win the auction, i'm legally obligated to pay what i bid, but can i get the property assessed by a structural engineer after i win, and if i get bad results i can legally pull out? Is this the standard practice?
It just seems crazy to pay to get the property assessed before the auction to then lose the auction and the money invested on the inspection.
Thanks..
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Old Apr 15th 2007, 8:30 pm
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Default Re: Auction Questions

Originally Posted by ed_the_lad View Post
Before bidding do you have to register or do something or once you get there its a free for all?
Also imagine i win the auction, i'm legally obligated to pay what i bid, but can i get the property assessed by a structural engineer after i win, and if i get bad results i can legally pull out? Is this the standard practice?
It just seems crazy to pay to get the property assessed before the auction to then lose the auction and the money invested on the inspection.
Thanks..
It may be different in different states I'm not sure? We bought in Victoria (Melbourne) and didn't need to register to bid - check with the agent of the property you're interested in. If you're successful you will need to pay 10% deposit on the day and the balance usually 30/60/90 days later. You cannot pull out after an auction as it's legally binding. If you think you need a structural survey you need to get it done before the auction (even then you may not win - crazy huh?)

The property we bought we planned to knock down anyway so we were obviously not bothered about getting a survey done.

Good luck!
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