Tips To Buy A Property Going To Auction

Steve Lane features in this months Ask A Professional – Tips to by a property going to auction below:

1. If you have interest in the property, don’t just assume the property will go to auction or be available after auction. The vendors may accept an offer prior to auction. You may be able to negotiate the contract terms prior to the auction
2. If you are not comfortable bidding at auction you can organise for a friend to bid on your behalf
3. The vendors may be flexible regarding the standard auction terms and conditions i.e. 10% deposit and 30 day settlement.
4. Have a copy of the blank contract checked by your solicitor so you understand the terms and conditions
5. Have your finances sorted, buying at Auction means you are entering into an unconditional contract.
6. Talk to your agent so your understand the process and know what to expect on auction day. Do you understand the terms vendor bid and reserve?
7. Ask for a Comparative Market Analysis to use as a guide for homes selling in the area.

Im available to answer questions 7 days a week – Steve Lane 04 1234 6333

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