So you have found the home of your dream, but the home is up for auction. Here are a few tips that might help through the process leading up to the auction day…..

Use your research and budget to help you identify a ‘walk-away’ price.

Let you agent know you are interested. Don’t let us know your walk away price, but let us know how we can help.

Speak with the bank and have your finance already in place and attend the auction ready to write a deposit cheque. Most auctions will be a 5 or 10% deposit, but check with your agent.

Attend some auctions beforehand to experience the atmosphere and observe different bidding strategies.

If you feel more comfortable, order a valuation. These can cost anything from $500 to $1000. Keep in mind though that should you buy the home at auction, your bank will most likely order another one.

Organise any amendments to the contract, such as a longer settlement period, prior to the auction. Talk to the agent and get agreement from the vendors.

The team at style are here to help, and would love to have a conversation with you around your specific needs, or even any hurdles you might be facing.

Mark Lowrey

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