Buying at Auction
Before bidding at auction you must understand exactly what you are doing and be satisfied that you know all relevant details about the property. If you bid successfully and buy the property under the hammer, you are obliged to purchase the property.
NOTE: There is no cooling off period for properties purchased at auction.
A Note About Dummy Bidding
It is illegal to make ‘dummy’ bids at an auction. If you make ‘dummy’ bids for the seller, you can be prosecuted and incur a substantial fine.