The Process

You’ve found it! The property you want to buy and from what you can assess, it should be in your price range. It is scheduled for auction soon and the thought of dealing with an auction is overwhelming.

As Auction Bidders will only represent one purchaser per auction, contact us as soon as possible so we may advise if we are available to represent you. If we are, then we will forward a client agreement requiring your authorisation. You also advise us in writing the maximum amount you are prepared to pay for the property. Once we have received these documents, we can go to work for you and begin liaising with the vendor’s agent.

It is most likely your solicitor will arrange your property pest and building inspection, however, if needed we can arrange this for you. A copy of the pest and building inspection report may be required for negotiating purposes.

A copy of the contract for the property is required. We can source this from either the vendor’s agent or solicitor. You will need to check the contract for such things as the inclusions, clauses and conditions, which do not suit your purchasing profile and may need to be negotiated. Auction Bidders will work with your solicitor and the vendor’s agent to request amendments to the contract, which, if agreed to, will be incorporated in the contract for sale should you be the successful bidder.

It is important your finance is in place and ready to go. Nothing will kill a deal faster or ruin your credibility if you are unable to perform financially. It is also important to make arrangements for the payment of the deposit if you are the successful bidder at auction, especially if you do not intend to be present. Unless negotiated prior to the auction, this amount is usually 10% of the purchase price.

As there are three opportunities to purchase a property going to auction, Auction Bidders have to be available to negotiate on your behalf at any time:

Prior to: The vendors may be amenable to offers pre-auction as they may also be finding the process stressful.
Auction Day: Vendors will invariably go to auction especially if they know several purchasers are interested in their property
Post Auction: When the market does not meet the vendor’s expectations (the reserve price) and the property is passed in. The opportunity to further negotiate is first offered to the highest bidder before the property is passed in.

At all times, Auction Bidders will act in your best interest and commit to doing the best we can to secure the property you want on the terms and conditions agreed to.