Buying a House at Auction? Finance Funding Have Found this Great Video With Bidding Tips to Help You at Auction
This handy video guide from The Age, provides users with a clear and comprehensive overview of what can be expected when buying a home at auction.
The first piece of advice given is that some vendors may be willing to complete the sale before auction. If the vendor is interested and the property is set a fixed price, make an offer under the asking price to get started.
If you plan to buy at auction, make sure you have a thorough understanding of the marketplace so you are well positioned to negotiate.
Go to a few property auctions to become familiar with the processes and take note of other buyers bidding strategies. You will need to bring ID and a deposit to the property auction so remember to check what methods of payment the vendor accepts.
Legal obligations differ depending on whether you’re buying via private treaty or at auction. At auction, the highest bidder is legally bound to buy the property. In a private treaty sale, the legal obligation is validated when the contract is exchanged.
To secure a mortgage that enables you to buy your dream home, contact Finance Funding Australia on 03 9988 9183.
- Loading comments...
