Buying at Auction
Before you buy at an auction you must understand the process and satisfy yourself about all the details relating to the property. If you are the highest bidder and your bid is accepted, you are obliged to purchase the property. If buying at auction you should have;
Decided on a definitive upper limit that you are prepared to pay
Had legal documents checked by your solicitor
Organised a bank cheque for the deposit
Had finance pre approval
If you are wanting to bid at an auction you must register prior to the auction. You can do this by giving your particulars to the selling agent along with photo ID. You will then be issued with a bidding number which is displayed when placing a bid.
The auctioneer can place a bid on behalf of the vendor, this will be announced as the vendors bid.
If the property fails to reach the reserve price it is passed in. As a courtesy, the highest bidder is given the first opportunity after the auction to negotiate with the vendor through the agent. If the highest bidder does not purchase the property, it will be placed back in the market for sale by private treaty.