Pre-Auction Due Diligence

• Have all your due-diligence completed such as, Building Pest Inspection Reports, Strata Reports or any other relevant reports you think are required.
• Have your solicitor look over the Contract of Sale and obtain any advice or amendments if needed.
• If you are purchasing the property in a company or superfund, make sure you have them set up correctly and you know what company to put on the front page of the contract.
• Get finance pre-approval so you understand your budget on Auction Day and can be ready to write the cheque.
• Attend similar Auctions in the nearby area to understand your market.
• Do your research by inspecting many properties and seeing what they sell for (not just the asking price).
• Have the deposit amount ready and be sure to bring your cheque book!

What to do on the Day

• Arrive early to gauge the crowd and understand interest levels. It is difficult to do this if you arrive just in time to bid.
• If purchasing a Residential property have photo ID to be able to register. Commercial bidding does not require registration to bid.
• If you are bidding on behalf of another person have a Power of Attorney Document or Letter of Authority document signed by all parties.
• Be confident when you are bidding. If you find yourself getting caught up in the bidding process, reflect on your price point and your value on the property, remembering every bid may bring you closer to ending your property search! Good Luck!!