The best way to bid at an Auction is to understand and learn how the process works by simply going to as many auctions as you can.
When you find a place you like, get a contract from the agent and have your legal representative check it and read it yourself.
Get building and pest inspections done.
Arrange finance-get pre-approval on your loan and decide the maximum amount you will pay for the property.
At a Nicholas Lynch Auction you will need to register to bid either before hand or on the day, so make sure you have some ID as well as your cheque book.
Bid firmly. You’ve decided on your budget, so be confident about each bid you make that is with in your limit.
If you made the highest bid after the property was declared “on the market”, congratulations, you’ve bought yourself a property. The agent will take you into the home to finalise the paperwork. You’ll have to hand over the deposit at this point.<br
If you make the winning bid you are legally bound to exchange contracts and pay the deposit on the day. Plus there’s no cooling off period.
If the property did not reach the Reserve price and is “Passed in” and you’re the highest bidder you have the first right of refusal of the vendor’s Reserve price. If you’re not the highest bidder, talk to the agent and make your interest known.
Call 1300 487 469 to find out more.