Buying Residential Property at Auction
Written on the 12th of June 2012 by John Teague
What you need to know when buying a residential property at auction
Auctions can be fun, frenetic and financially dangerous. With several hundred thousand dollars on the line the tension on the day can be palpable. The stakes are high for Vendors and Purchasers, so make sure you understand the process, because it is a battleground that takes no prisoners.
Real Estate Agents will take a property to auction for a number of reasons. It may be because the market is booming and they feel confident of extracting a higher price or that the property has unique qualities making it difficult to ascertain the true value. Sometimes, however, the auction may be forced as part of a deceased’s estate or a liquidation.
It is advisable to prepare carefully for Auctions, and good legal advice before you commit to a purchase may save you ending up with a white elephant that you paid far too much for!
Before The Auction
At The Auction
After the Auction
Buying a residential property at an auction can be scary and daunting task if you are unprepared. If you are going to be buying a house at auction please don’t hesitate to give John Teague a call on 1800 994 279 or just email us. A member of our Property Law team will endeavour to respond to your enquiry within 24 hours.
Author: John Teague
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