WHAT IS AN AUCTION?

Buying a property at auction can be a thrilling opportunity to secure real estate at a potentially favorable price. However, it’s important to recognize that the auction process can be complex and requires careful planning and strategy.

HOW CAN WE HELP?

At Gold Coast Property Buyers, we specialize in assisting buyers throughout the auction process. Our experienced team of buyer’s agents is here to provide valuable expertise and support to ensure a successful auction experience for you. Here’s how we can help:

1. Research: We conduct thorough research on the properties available for auction, analyzing their value, potential issues, and risks. Our insights enable you to make informed decisions.
2. Property Inspection: We accompany you during property inspections, providing professional insights into the condition and potential of the properties you’re interested in.
3. Financing: We assist you in arranging your financing, connecting you with reputable lenders and ensuring you have your finances in order before the auction.
4. Legal Due Diligence: We can recommend experienced real estate attorneys or conveyancers who can guide you through the legal aspects of the auction and ensure you understand the associated risks.
5. Budgeting: We help you set a realistic budget, considering additional costs like auction fees, legal fees, and potential repairs or renovations.
6. Auction Registration: We handle the registration process, ensuring you meet all requirements and have the necessary documentation.
7. Bidding Strategy: We assist in formulating an effective bidding strategy tailored to your budget and goals, maximizing your chances of success.
8. Auction Representation: On auction day, we represent you during the bidding process, employing effective tactics to secure the property at the best possible price.
9. Post-Auction Support: We guide you through the post-auction procedures, such as contract signing and deposit payment, ensuring a smooth transition to property ownership.

QUICK AUCTION TIPS

1. Prior to attending the auction, it’s advisable to have your conveyancer or solicitor review the contract. Their expertise will ensure you fully understand the terms and conditions of the sale.
2. When communicating with the selling agent, inquire about the acceptable deposit amount. While a 10% deposit is the standard, in some cases, a 5% deposit may be accepted on the day of the auction. Clarifying this detail will help you plan accordingly.
3. In Queensland, auctioneers are permitted to place vendor bids on behalf of the seller up to the reserve price. However, they are not allowed to make bids above the reserve price.
4. Please note that the auctioneer is not legally obligated to disclose whether the property is on the market or if the reserve price has been exceeded. It’s important to carefully consider your bidding strategy in light of this information.
5. Keep in mind that auction contracts do not typically include a subject-to-due-diligence clause. Therefore, it’s essential to have your financing in order before participating in an auction. This will help avoid potential financial penalties or complications.
6. If you intend to have someone bid on your behalf at the auction, you must provide them with a signed authority to bid form. This ensures that they are authorized to act on your behalf during the bidding process.
7. On the day of the auction, consider asking the selling agent if a building and pest inspection has been conducted on the property. This information can provide valuable insights into the level of interest from other potential bidders. If you find yourself as the only bidder and a building and pest inspection has already been completed, it’s worth considering this as a potential red flag.
8. We understand that auctions can be intimidating, even under the best of circumstances. If you’re feeling overwhelmed and would like a professional to represent your best interests, we are here to help. Our experienced team can provide expert guidance and support throughout the auction process, ensuring you have a confident and successful buying experience.

Rodney Reinsma director of Gold Coast Property Buyers