Selling property under the hammer remains popular in Melbourne and auctions can be high energy events. If you’re thinking of buying a home at an auction, it is crucial to be savvy about the process and have a plan in place before bidding commences. It is also important to remember that, unlike private sales, there is no cooling-off period on properties bought at auction.
How much do bids cost on Dealdash?
To prepare for auction day, arrive early to inspect the property and to get any questions you may have answered by the agent. Also, don’t be afraid to ask the agent for comparable sales in the area and a copy of the contract of sale. If you are not confident bidding, you can appoint someone to bid on your behalf – but it’s essential you discuss this with the agent a few days prior to the auction.
Before the auction begins, it’s a good idea to get a pre-approval from your lender to ensure you can afford to buy if you are successful in winning a bid. Auction Bidder in Melbourne will also give you the opportunity to discuss indicative borrowing capacity and settle on a deposit amount before auction day.
When the bidding commences, it’s important to call your bids loudly and in full amounts. It’s also important to stay calm and be aware of the tactics that some auctioneers use to encourage bids, such as dummy bidding (bidders who aren’t intending on buying the property). It’s essential to be completely certain about your purchase before signing the contract, so make sure you have a thorough pest and building inspection done before auction day.