The auction game
In part two of our special report on the auction process, we look at making yours the winning bid on auction day.
Wednesday, March 9th 2005, 6:10AM
by The Landlord
Look Good Feel BetterLast week we looked at selling by auction. But what if you’re one of the crowd in front of the auctioneer - and the house of your dreams? Here’s what you need to know and do before the big day.
Do your homework
As there is no fixed price on a property being sold at auction, buyers must gather information about the property that will help them decide on what it’s worth. Go to the open homes and ask to return to the property at different times of the day. Salespeople usually supply LIM reports and titles, but it’s up to the buyer to seek their own builder’s report or valuation. Check other properties in the area and get sales statistics to find out the local prices ranges.
Organise finance
As you must be an unconditional cash buyer at auctions, go to a lending institution to organise a pre-approved loan to the value of the property you wish to buy.
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