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If you’re thinking about attending an auction for the first time in Australia, it can be a daunting experience. Auctions can be fast-paced and intense, and it’s easy to feel overwhelmed if you’re not prepared. But with a little knowledge and preparation, you can make the most of your auction experience and potentially score a great deal on the property you’re interested in.
First and foremost, it’s important to understand that auctions are a common way to buy and sell property in Australia. If you’re interested in purchasing a property, you’ll likely encounter auctions at some point during your search.
Before the auction, you’ll need to do your homework and research the property you’re interested in. This will include getting a copy of the contract of sale, which will outline the terms and conditions of the sale, as well as any conditions that may affect the property. It’s also a good idea to get a building and pest inspection done on the property to identify any potential issues that may not be apparent to the naked eye.
Once you’re familiar with the property and the terms of the sale, you’ll need to register to bid at the auction. To do this, you’ll need to provide proof of identity and proof of funds, such as a bank statement showing that you have the necessary funds available to make a deposit on the property.
When the auction begins, the auctioneer will typically start by giving a brief overview of the property and its features. They will then open the bidding, starting at an amount that they believe is a fair market value for the property. Bidders can then raise their hands or make bids by saying “I bid” or “I’m bidding” to indicate that they want to make an offer on the property. The auctioneer will then repeat the bid and continue to do so until there are no more bids or the property is “on the market.”
If the property is “on the market,” it means that the highest bid has met the reserve price, which is the minimum price that the seller is willing to accept for the property. At this point, the auctioneer will ask for one last bid, and if there are no more bids, the property will be “sold” to the highest bidder.
Once the property is sold, the successful bidder will need to sign the contract of sale and provide a deposit, typically 10% of the purchase price, to secure the property. The balance of the purchase price will be due at settlement, which is typically 30-90 days after the auction.
Attending an auction can be an exciting and rewarding experience, but it’s important to be prepared and understand the process before you dive in. With a little knowledge and preparation, you can navigate the auction process with confidence and potentially score a great deal on the property you’re interested in.
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