How do I buy before auction?

October 16, 2019 |
Share this article:

How to buy before the auction!

It’s a question we get asked all the time. Will the owner sell prior to auction? Sometimes they will consider it, however this is what you need to know in order to make this happen.

1. The cooling off period

There is no cooling off period with an auction campaign. Up to midnight on the day of auction you must purchase under auction conditions

2. Due diligence needs to be done prior

This is important. It means you will need to have;

a. The contract reviewed by your legal representative

b. Pest & Building Inspection Complete and/or strata report done

c. Valuation (If necessary)

3. You need a 66w Certificate

This is a certificate furnished to you by your legal representative that waive’s any cooling off period. You need to understand your obligations and they will explain this to you.

4. Give the owner incentive to sell

If there is a quoted price guide on the property, offering below this amount is likely to not get the owner to sell prior and rather them just say, come to the auction.

Likewise, terms offered need to give the owner incentive. Asking for a 6 month settlement when the owners needs 6 weeks won’t help. And same in the other direction. Be flexible to the owners needs.

 

These are just some of the important things you need to consider if wanting to buy before an auction.

Want more advice? Get in contact with our friendly team. 02 8860 6505.

 

 

Share this article: