March 3, 2022 Troy Delosa

5 Things you need to Know When Purchasing at an Auction

If you intend to purchase a property at auction you should be aware of the following:-

  1. Any Building, Pest or other Inspections which you may wish to carry out should be completed prior to the auction date
  2. If a loan is required to assist with the purchase please ensure you have received finance Pre-Approval from your Finance Broker/Banker
  3. Ensure you have access to 10% deposit on the day of the auction, ie via electronic funds transfer, personal cheque or pre-drawn Bank Cheque payable to the Real Estate Agents’ Trust Account
  4. There is no three (3) business day cooling off period when you purchase at auction, nor are you able to make the Contract conditional upon finance, etc
  5. If you purchase three (3) business days either side of the auction date you are not entitled to three (3) business days cooling off, ie if the Auction is to take place on a Saturday and you submit an offer on the Wednesday prior to or after the auction this would apply
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