September 17th, 2020
This process first starts when a buyer identifies a property they like at a open home, private inspection or on the internet.
The buyer then needs to make sure that their finance is in order (and not only pre-approved), so their finance is ready for settlement. When purchasing under auction conditions there is no five-day cooling off period. A deposit will need to be paid within 24 hours of signing a contract. The deposit can be as high as 10% however this figure can be negotiated.
The next step is to organise a building & pest report. Your agent will be able to assist you with this.
Your agent will organise an auction meeting. He/she will go through the whole process of the auction night. You have a choice of either registering to bid prior to the auction or on the night of the Auction. The register to bid card needs to be sighted when making a bid at auction.
With the auction process do not just focus on the auction night. Usually offers can be taken prior to auction (under auction conditions) or after the auction (standard conditions can apply e.g. Finance clause). The auction journey is normally a four to five-week process.
Please contact your Gardian agent to find out more about buying a property at Auction.