Bidding at an auction can be both exciting and intimidating to the uninitiated. This guide seeks to de-mystify the auction process and provide clarification on the roles and responsibilities of auctioneers and bidders.
How to register
Remember: You do not have to bid just because you have registered! (But we prefer if you do!)
How to bid
Important points to remember when bidding at an auction
Need more information?
The Office of Fair Trading can you provide you with more information on the laws that apply to property auctions. You can contact them on 3246 1523 or check out their website on www.fairtrading.qld.gov.au.
Want to speak to an Auctioneer?
Our in house Auctioneer is Coolum’s leading auctioneer Chris Edmonds. He is available on 0437874189 and would love to answer all your questions you might have before bidding at auction or if you are interested in selling your home by auction.
Steps to buying at Auction:
STEP 1 Arrange a home loan pre-approval so that you know what you can afford and so your finances are ready for you to bid on a property that you like. Talk to the team at Loan Market Coolum 07 5473 9999
STEP 2 Start looking for a property by contacting your local agent, ensuring that you are on their database for email alerts for upcoming auctions. Don’t forget to let your agent know that your finances are ready.
STEP 3 Get a feel for the process by attending various open homes and auctions prior to bidding.
STEP 4 Decide what you want in a property, get as much information as possible from your agent and ensure you visit any properties that may interest you.
STEP 5 If you are interested in a property, ensure you obtain a contract of sale (available from your real estate agent).
STEP 6 Ensure your solicitor checks the contract thoroughly for you. Your solicitor may also recommend different reports be conducted (such as building and pest inspection reports)
STEP 7 Decide how much you are prepared to spend on this property. What is the maximum you are prepared to bid? Mentally setting your maximum bid can stop you from spending more money than might be reasonable, or losing a deposit.
STEP 8 Once you have found the property you wish to bid on, you will need to arrange a deposit, usually 10% of the purchase price. A deposit bond is sometimes acceptable as an alternative (you may want to check this with your real estate agent).
STEP 9 Register to bid either by contacting the agent prior to auction or as you arrive at the auction. If you cannot make the auction you can authorise someone to bid and sign on your behalf. See your agent for more information.
STEP 10 Make the winning bid!
STEP 11 Pay the deposit and sign the contract.
STEP 12: WAIT FOR SETTLEMENT!!!!!