All Topics / Help Needed! / Auction on Saturday

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of maternicmaternic
    Member
    @maternic
    Join Date: 2010
    Post Count: 9
    February 9, 2011 - 11:01 am

    G;day guys,

    Auction this Saturday, any thing I should watch out for or what should I do before saturday?
    Do I need to get a builder to look at the property to see if there is any problems with the house?

    How can I get a clause on the contract with setterling subject to building inspection or is that only when the place doesnt go to action?

    Any advise would be great….

    Thanks in advance….:)

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    February 9, 2011 - 11:38 am

    Any "subject to" stuff has to be negotiated with the agent before the auction, and you need it in writing.  That said, good luck, it's not common.

    If you are serious about the property, you are best to get a building and pest inspection done before the auction, and to speak to your bank and make very very sure that they will finance the purchase of that property in particular if you win the auction.  You don't want to win the auction, which obliges you to buy, and then find you can't finance it.  You could get seriously sued for breach of contract.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 9, 2011 - 11:49 am

    Hi Maternic,

    Auctions are a different ball game as Jac has highlighted.

    By all means go to the auction but keep your hands in your pockets – use this one as a learning experience and then spend some time understanding the legal intricacies of auctions. They are different.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    February 9, 2011 - 1:13 pm

    Vendors go the auction path because they want a watertight deal with no wriggle room. You need to have all your ducks lined up well before the big day.

    Profile photo of michaelandre70michaelandre70
    Member
    @michaelandre70
    Join Date: 2009
    Post Count: 34
    February 9, 2011 - 5:13 pm

    Auctions are different and if you are not experienced, then it would be wise to attend a few just to observe what goes around before you attend one and make a bid. You must have your finance ready as well (considering the fact that you are not financing from your own pocket) since you will be legally obliged to buy the property if you win the auction. there is no chance to decline it you win an auction. so be careful and good luck !!

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 9, 2011 - 8:11 pm
    JacM wrote:
    speak to your bank and make very very sure that they will finance the purchase of that property in particular if you win the auction.  You don't want to win the auction, which obliges you to buy, and then find you can't finance it.  You could get seriously sued for breach of contract.

    That’s the same point I was going to make. If you haven’t already, organise a pre-approval.

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 6 posts - 1 through 6 (of 6 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.