Hammer Time: What Every Buyer Must Know Before Auction Day!
💥 Ready to Bid? Here’s Your Pre-Auction Checklist
Buying at auction can be thrilling—but only if you’re armed with the right prep. Here’s your no-fluff guide to making sure you’re ready to raise that paddle with confidence.
✅ 1. Finance Approval
Don’t even think about bidding without formal finance approval. Auctions are unconditional—if you win, you buy. No cooling-off. No backing out. Make sure your lender is locked in and ready to go unless you are a cash purchaser.
💰 2. Deposit Dynamics
You’ll need to pay a 10% deposit on the spot. That’s usually via EFT, so check your daily transfer limits with your bank. If your limit’s too low, get it raised before auction day. If you want to pay a lesser amount it must be approved prior to Auction.
📑 3. Legal Review
Have your legal rep review the contract and property documents ahead of time. They’ll flag any red flags and help you understand the terms. Surprises on Auction day? No thanks.
📝 4. Register to Bid
You must register before bidding. Bring ID and any required documentation. If you’re bidding on behalf of someone else or a company, you’ll need written authority and proof of eligibility.
🏡 5. Property Reports
Get your hands on the building and pest reports, strata reports (if applicable), and any other relevant inspections. Know what you’re buying—warts and all.
📊 6. Recent Sales
Study recent comparable sales in the area. This gives you a realistic idea of market value and helps you set your bidding limit.
📃 7. Terms & Conditions
Auction terms are non-negotiable. Understand the settlement period, inclusions, exclusions, and any special conditions. Ask questions before Auction day.
🧾 8. Bidders Guide
Grab the Bidders Guide—usually provided by the agent or available online. It outlines your rights, responsibilities, and how the Auction will run.
⚖️ 9. Fair Trading & Legal Requirements
In NSW, Auctions are governed by Fair Trading and the Property, Stock and Business Agents Act. Agents must follow strict rules, and so must you. No dummy bidding. No funny business, disrupting the course of an Auction is a criminal offense.
🎯 Final Tip: Be Auction-Ready
Auction day is not the time to “figure things out.” Be prepared, be confident, and bid smart. Whether you win or walk away, you’ll know you played the game right.
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Daniel's Insights
Don’t even think about bidding without formal finance approval. Auctions are unconditional—if you win, you buy. No cooling-off.
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