Buyer's Guide

Before the auction,

• check on the auction properties and the date, time and venue of the auction.
• make arrangement to inspect all the properties that fulfill your requirements at least a week prior to the auction.
• do your homework by researching online and checking recent sale prices of properties similar to those you are interested in to get an indicative market value for them. This will help determine whether properties you are interested in are priced competitively.
• take time to find out the interest rates and terms and conditions of mortgage loans around town, if you are considering taking out a bank loan for your purchase.
• get your mortgage loan officer to prepare an in-principle approval for your loan at least three days before the auction.
• ensure that you set a limit on the highest price you are prepared to pay for the properties.
• get a copy of the Conditions of Sale document with all the sale terms and conditions for the sale from the auctioneer. Go through the document and make sure you are agreeable to all the stated terms and conditions.
• seek advice from your solicitor or contact the auctioneer for further clarification on anything you are unsure of.

During the auction,

• don’t let your emotions take over.
• be prepared to bid at the highest price that you are willing to pay above the reserve price.
• try to keep your cool and be realistic.