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BUYING AT AUCTION

With more homes than ever being for sale by auction, it's likely you will come across many auction properties when you are house hunting.

BUYING AT AUCTION IS ONE OF THE MOST SIMPLE WAYS TO PURCHASE YOUR NEW HOME

It can remove some of the associated anxiety involved in making an offer lower than a vendor's asking price and allows you to judge the value a property has to you without being biased by the asking price.

Additionally, the bidding process is transparent - you can see or hear what other buyers are offering.  This open negotiation process can help you judge the true market value of a property.

Once you are interested in buying a property being offered by Auction there are several steps to take.

MAKE YOUR INTEREST KNOWN TO THE SALESPERSON

Occassionally properties are sold prior to auction and by letting the salesperson know you are interested you will avoid it being sold without you being contacted.  The salesperson can also assist you to get ready to bid.

ESTABLISH THE TIME & DATE OF THE AUCTION

There are many details to attend to prior to this deadline, so make sure you know the time frame.

A FEW IMPORTANT THINGS TO DO IN PREPARATION FOR AUCTION DAY
CONDITIONS OF SALE

Familiarise yourself with the conditions of sale and we advise you to seek the advice of your solicitor.  Make sure you know the deposit amount, settlement date and which chattels are included in the sale.

SOLICITOR

Talk to your solicitor and ask them to check out the conditions of sale and the title to the property.  If you have not used a solicitor before, ask your Cambridge Real Estate salesperson for a list.

ORGANISE FINANCE

A sale by auction requires you to have your finance arranged before you bid.  Your Cambridge Real Estate salesperson can direct you to a mortgage broker or bank to help you to arrange your finance.

KEEP IN TOUCH

Keep in touch with the salesperson.

BUYING BEFORE AUCTION DAY

In most cases, properties going to auction with Cambridge Real Estate can be bought prior to the specified auction date.  However, there are certain conditions you must fulfil which your salesperson can explain to you.

AT THE AUCTION
BIDDING

The Auctioneer will ask for an opening bid and will then nominate the increments by which the bidding can be raised.  To make a bid, simply attract the attention of the auctioneer by:

Raising your hand; or
Calling out your bid; or
Nodding your head when you catch the auctioneer's eye

RESERVE PRICE

The client usually sets the reserve price before the auction.  The reserve is established as a result of feedback from interested parties during the marketing period.  The reserve is the minimum figure that the auctioneer is instructed to sell the property for on auction day.

VENDOR BIDDING

An auctioneer can make what we call a vendor bid.  Often the first bid is a vendor bid if purchasers are reluctant to start an auction.  If, during the auction, an auctioneer does make a vendor bid they must declare it to all attendees so that everyone is absolutely clear that they have done so.

WHAT IF THE PROPERTY DOESN'T SELL AT THE AUCTION?

If the reserve price is not reached, the property is passed in to the highest bidder.  The highest bidder is then offered the first right to purchase the property immediately after the auction at the vendor's reserve price.  If a sale is not completed immediately following the auction, the property will be offered for sale to all other interested parties.

WHAT HAPPENS IF I BUY AT AUCTION?

If you are the successful bidder you are required to sign the auction contract and pay 10% of the purchase price as deposit; either by bank cheque or personal cheque or, in most cases, by electronic transfer.  The settlement date is contained within the contract and this is the day that you will generally move in.

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