Auction Bidders In Melbourne are the most common method of purchasing real estate in many parts of Australia. They bring interested buyers together in a noisy, crowded environment where they shout out the price they are willing to pay for a property. The process is facilitated by a licenced auctioneer. While they are popular, auctions can be stressful for buyers.
Before the bidding starts, it’s important that you’re armed with a pre-approval from your bank and have a clear understanding of your budget. It’s also a good idea to make sure your loan documents are up to date and that you have the deposit amount ready as there is no cooling off period for properties sold at auction.
Bidding Brilliance: Navigating Melbourne’s Property Auctions with Professional Assistance
A buyer’s agent can assist you during the auction process by researching comparable local sales, acquiring the necessary inspection reports and bidding on your behalf to level the playing field. They can also provide you with a bidder guide which contains information about how to register, needed paperwork and privacy laws. They will also help you understand the terms of settlement and ensure you are up to speed with market dynamics.
If the property isn’t sold before the reserve price is reached it may be ‘passed in’ which means the highest bidder will get first opportunity to negotiate a sale with the vendor. The highest bidder must sign the contract of sale immediately after the auction and provide a 10 per cent deposit on the spot.