How to Use a Melbourne Auction Bidding Service to Buy a Property at Auction
The process of buying a property at auction can be exciting, but it can also be nerve wracking. Melbourne Auction Bidding Service are many factors to consider, including establishing your budget, knowing what the true market value is and how to avoid being “gazumped”. The following article will help demystify auctions and equip you with key insights and strategies to ensure success on the day.
What is an example of bidding?
There is usually a lengthy advertising campaign and several weeks of open house inspections leading up to the auction date. If you are seriously interested in a property it’s best to attend the final open for inspection (usually starting about half an hour before the bidding begins) as this is a great opportunity to see the property one last time and take a look at the relevant documents, such as the terms of settlement.
After this you can make a written offer on the property, which is subject to the terms of sale set out in the contract. The vendor will then have the first opportunity to accept or reject the offer and may negotiate different terms such as the price, settlement date or conditions of sale.
Before the auction starts you will need to register and be issued with a bidder number. This is to protect against “bid sniping” where someone who is not physically present at the auction may raise their bid before it closes. The rules around this are different in each state and territory.