Buying at auction can be a nerve-racking experience so it’s a good idea to familiarise yourself with the process by attending several auctions as a spectator before you go buy.
Cooper Finance Connections can help you arrange pre-approval of finance, by helping you find a competitive home loan package from a wide range of lenders. You should have written loan approval before the day of the auction.
Inspections of the property are conducted in the company of the agent who knows the features of the property and will be able to answer questions about the facilities in the local area. Viewing times are normally specified, giving everyone equal opportunity to inspect the property before the auction. However, getting an appointment for inspections at other times can generally be arranged.
Receiving a valuation from the lending institution, or engaging a registered valuer to complete a formal valuation.
The Contract of Sale will be on display at the Auction.
All Bidders must be registered . The Auctioneer may register a person as a bidder only if the person has provided his/her name and address and satisfactory evidence of his/her identity. The Auctioneer is required to keep a register of all bidders at the auction in accordance with Queensland Government regulations.
Bids will only be accepted from registered bidders.
Bidders must use the numbered identifier provided by the Auctioneer to make a bid during the auction.
If you are the successful bidder, you will be required to sign the Contract of Sale and provide a deposit, usually 5% or 10% of the purchase price. You will generally be expected to have the funds available immediately (many people bring their cheque books).
Settlement should occur within 30 days.