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Cnr Illawarra Cres North & Alexander Drive Ballajura

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Auction Tips: Before the Day

23 Jan 2015 Ballajura 0 Comment

AuctionTipsBefore the Day

Auctions can be a daunting prospect. Making such a huge financial investment can be stressful and emotional. Nobody knows exactly what will happen on the day, but you can certainly prepare yourself for what lies ahead. Granger Clark offers the following tips for those looking at houses for sale in Perth via the auction process.

Do Your Homework

Before the big day, it’s essential that you study the market to get a good idea of what the property being auctioned might be worth. Potential buyers aren’t told the reserve price of a property so keep a close eye on what similar houses in the area are being sold for. This means that you will have a realistic idea of the likely price of houses for sale in Ellenbrook, for example, versus your spending capability come auction day.

Dress Rehearsals

There’s no better way to get a feel for auctions than to attend a few before you intend to go as a bidder. This will allow you to become familiar with the processes and rules of the auction and the tactics employed by successful bidders. This also ties in with your market research, as auctions will give you insight into prices of houses for sale in Perth and discrepancies between the advertised and sale prices.

Extensive Inspection

Don’t let the financial aspect of auctions distract you from the most important consideration; finding a home you would love to live in. Inspect a property several times in order to gauge whether it is the right house for you. Talk to the agent representing the property to gauge levels of interest and find out what you can about the area in regard to amenities and community benefits.

Seek Legal Advice

Inspections shouldn’t be limited to the boundaries of houses for sale in Perth or elsewhere. If a property is of genuine interest to you, have a solicitor look at the details of the ‘Agreement for Sale’. They may suggest amendments that you can later negotiate with the selling party.

Get Your (Financial) House in Order

Successful auction bids are binding contracts. This means your finances should be in order prior to the auction day. Contact your bank before you begin the house hunting process in order to get financial approval. You will need enough for a deposit (generally 10%) on the day and a loan approved in writing.

Readying yourself before an auction will be of great benefit on the day, giving you market insight, knowledge of your financial limits and, potentially, a head start on your competition. Take the stress out of auctions by coming prepared and you might just secure one of the amazing houses for sale in Perth.

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Professionals Real Estate
Cnr Illawarra Cres North & Alexander Drive Ballajura, WA 6066
Phone: 08 9249 6888 Fax: 08 9249 6085 Email: info@grangerclark.com.au