Preparing for an Auction
A well-regarded Auctioneer and expert in the industry you can find Phill Broom calling auctions week in and week out. Having worked as a successful agent, sales director and principal, Phill is a rarity among auctioneers in that he has personally navigated a host of sales situations over his ten plus years of hands-on experience.
Despite some misconceptions that an auction will be a high-pressure, fast-paced environment, there are a number of reasons why bidding/buying at an Auction is the best way to buy real estate.
We've caught up with our Auctioneer Phill Broom to help you best prepare in the event your next dream home is up for Auction.
Why Bid At Auction?
This decision is drawn from the fact that your need to bid at Auction means you are comfortable with the process and confident that the home is right for you and your family.
Are You Ready To Bid?
Getting prepared to bid at auction comes with a few things to consider.
Here are some helpful tips;
Your finance is organised and to what capacity you can bid to Make sure you have your 'cleared' funds ready for your deposit if successful Understand the local market Understand all of the auction documentation Attend other auctions to gain a feel Once you are comfortable, request the registration documents from the agent
What To Expect On Auction Day?
This is an exciting day for both Seller and Buyer. If your intention is to bid, you are required to register.
Before the Auction gets underway, the Auctioneer will provide an introduction of themselves and the agency that they work for. In accordance with Auction rules and laws, there are several mandatory statements that an Auctioneer must announce before the Auction can commence.
If the bidding doesn't reach the reserve price then the property will be passed-in and the property will now be available to the open market where there is an opportunity to make an offer. If you are the highest bidder and successful purchaser, you will be required to sign the contract for sale and pay the deposit immediately following the Auction.
For more information and support, Why Buy at Auction is a complete guide to help you in the bid to secure your next home!
