As an auctioneer I am frequently asked what is the best way to buy a home at auction. I have been a seller and a buyer at auction so I completely understand the stresses that are involved with the process on both sides. I have provided some steps that you may find helpful.
1. Make sure you can afford to buy
Don’t rely on an over the phone finance approval from the bank. This is ok for a guide but there will be a string of conditions attached to the over the phone approval. Have a formal meeting with your bank or better still get a broker to come and see you. Knowing your financial ability at an auction is essential.
2. Research Comparable Sales
As buyers we all ask the agent what do you expect the home to sell for? How much do the owners want? I say know the answer before asking the question. A good agent will provide you with a list of comparable sales to help educate you on the likely market value for the property you are inspecting. Know what land is worth per meter square, Know the possible rental yield of the property.
3. Contract of Sale and Section 32
These documents are what you will sign when you buy a property at auction, if you are not familiar with them get them checked over by your solicitor or conveyancer. Some solicitors and conveyancers may not charge you for this service. Should you be successful reward them with your business win/win!
4. Deposit
Take your cheque book, or organize an agreed amount for a deposit if you are successful and have a bank cheque prepared. My sales team all carry an ipad and can accommodate an electronic funds transfer (check your limit you may need to increase it for a day)
5. Bidding
You will get all the advice and tips under the sun when it comes to bidding, if enough buyers love the property as much as you there will be a strong display of bidding. If the auction is slow and likely to pass in make sure you are the highest bidder and you are the one inside at the negotiation table. I invite you to call me directly for any assistance on the above. All the best and happy bidding!
Matthew Hurlston
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