Buyers like auctions because they offer an equal opportunity, without the pressure of rushed offers.
Peace of mind
There are a number of benefits of buying at Auction, and one main advantage is the peace of mind that comes from the process of publicly negotiating the sale price.
Unlike buying through tender or multi-buyer offer situations where you are faced with deciding on a figure, unaware of what the other party is prepared to pay, you can decide if you wish to bid again.
If you are the successful buyer, you know that the difference between what you and the other party have paid, is only the final bid.
Sales at Auction under the fall of the hammer are unconditional, there are no conditions and no cooling off period. Prior to bidding, it is important to do all your homework.
Doing Your Homework
The Summit sales consultant will make available a Property Information Flyer for the property. If after inspecting the property you decide it’s the one for you, the following is some of the homework we recommend you do to enable yourself to bid at Auction.
Terms and conditions of sale
Obtain a copy of the terms and conditions of sale from the salesperson, read and understand the particulars and conditions. Send these to your solicitor; and any other legal advice you may require.
Properties sold under the hammer at Auction are unconditional, there is no opportunity afterward to carry out checks on the property. Building inspections, specialist advice, LIM and other property checks should be completed before bidding.
We recommend you see your Mortgage Broker or bank, prior to the purchase, for any financial arrangements you need to make.
Register your interest
Let the salesperson know that you are interested and will be bidding.
Ensure you have your deposit arranged and ready to transfer, this is often 10% and is payable on the day of Auction.
On the day
Whilst the Summit Salesperson is there to achieve the best result for the vendor, they are always available for any support or advice you may need. As always when making these types of decisions it can be a good idea to bring a family member, trusted friend or advisor for that extra support.
On the fall of the hammer
If you are the successful purchaser, the Summit salesperson or Auctioneer will fill in the documents with your name and details for you to sign and pay the deposit.