Hi, I'm planning to attend a mortgagee auction for a commercial property. I've been asked to put in an offer before auction, but I want to wait until auction because so far it seems there's not much interest and I have a good chance to bid below market.
Does anyone have any advice or information on what to watch out for in commercial auctions in NSW? I know that for resident auctions, all bidders needs to register for the auction beforehand and the vendor can put in only 1 bid. Does that apply for commercial auctions too? I don't want to end up bidding against the vendor.
Thanks in advance!
Same rules apply for all auctions – bidder registration, one vendor bid etc.
Is the property vacant possession or with a lease on foot? You will need to be aware of what net current rent is, net yield for comparables etc.
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