Auction day guide
We know that buying a home through our auction platform can be daunting, particularly if you have little experience in this area. However, we've got you covered with this guide on what to do and how to prepare for your big day.
You should arrive at the auction well before it begins. Any additional information or changes to a property will be available in an Addendum or announced before the auction begins. So you must make sure you're aware if there's anything that may affect your decision on whether or not to pursue the property you have your eye on.
It is essential that you understand how property auction pricing works. The guide price which you will be aware of before auction day is somewhat of a starting price. This is the minimum price the seller is willing to accept on auction day. On the other hand, the seller and auctioneer will agree on a reserve price before the auction which you will not be made aware of. This reserve price can go up to higher than 10% of the guide price.
Be calm on the day and have a clear strategy. If you are not comfortable bidding yourself on the day you can allocate another person to bid on your behalf. We will however need written consent from you for this to happen.
If you have been successful in your bid you are obligated to follow the terms and conditions of the sale. You will need to sign contracts and pay a deposit at this time. From this moment you will be liable for the insurance of the home or property. You should ensure that you have everything prepared for this moment. You should also be aware that you will need to present two forms of identification.
Real Auction makes buying a property simple, transparent, and efficient with no hidden surprises. Whether you are seeking a new home, investment project, commercial property, or land we have thousands of options to choose from. Our platform facilitates the entire buying process from online viewings to bidding and buying. You can search for future property auctions on our website or by contacting our team.