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If I’m looking to purchase at auction, what do I need to do in preparation?

Posted by admin on March 6, 2019
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Because the purchase of a property at auction is unconditional, you need to ensure that all searches, checks and finance approvals are conducted prior to the auction. The agent and your solicitor can assist you with arranging these. Your solicitor should also seek approval for any changes to the contract from the seller’s solicitor prior to the auction (such as length of settlement, inclusions or repairs).

You should bring the confirmation of any such approved changes with you on auction day and present them to the agent if you are the successful bidder. You should also bring an acceptable form of payment to the auction – either a personal or bank cheque. A bank transfer following the auction is not acceptable.

The agent can assist you in advance should you have any concerns regarding payment of the deposit. It is possible to pre-register to bid at an auction and the agent can assist you with this. If you wish to have someone bid on your behalf, whether you will be present or not, you should let the agent know in advance so they can give you the correct forms for authorising another party to bid for you.

You should always let the agent know well in advance of auction day that you are intending to bid as there may be last minute changes to the contract or other developments that the agent will need to inform all interested buyers about.

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