Buying at Auction

Purchasing a property at auction is an exciting but high-stakes process. Unlike private sales, auctions come with no cooling-off period, which means that if you’re the successful bidder, you’re immediately bound to the contract. To make sure you’re prepared, here’s how GJ Conveyancing can support you in navigating the auction process with confidence.

Step 1: Contact GJ Conveyancing
Before auction day, it’s essential to understand the seller’s contract terms. I’ll review the seller’s auction contract within 24 hours of receiving it from the agent, so you’re fully aware of any important conditions or requirements.

Step 2: Review Contract Terms
If any amendments are needed, I’ll negotiate with the seller’s conveyancer to get everything in place before auction day. This ensures that the contract terms align with your expectations and that there are no last-minute surprises.

Step 3: Organise Your Finance
Since a 10% deposit is required immediately if you’re the winning bidder, having your finance pre-approved is crucial. This preparation allows you to bid confidently, knowing that you’re ready to proceed if your bid is successful.

Step 4: Pre-Purchase Inspections
It’s wise to complete any necessary pre-purchase inspections—such as pest, building, or strata reports—before auction day. These reports provide valuable insights into the property’s condition, ensuring that you’re fully informed and protected against potential issues before you commit.

At GJ Conveyancing, my goal is to ensure your auction experience is smooth and stress-free. By helping you prepare thoroughly, I make sure you’re in the best position to secure your property with confidence. If you’re considering buying at auction, reach out today to get started.