Buying at Auction Bidder in Melbourne can be a daunting experience, but it can be made easier with the right preparation. Ensure you’re ready by doing your research and attending other auctions to familiarise yourself with the process, and make sure you’ve done all inspections on the property (including pest and building and council zoning) and obtained legal advice prior to the day. You should also be pre-approved and ensure you have sufficient funds for a 10% deposit if you’re successful at the auction.
Before the auction commences, you’ll be given a chance to inspect the property and review the relevant documents for the home, including the terms of settlement. This is an important opportunity to double check that you’re completely set on the property and haven’t changed your mind since the contract will typically be signed immediately after the auction.
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The terms of the settlement will also detail any inclusions, such as furniture and appliances, which aren’t included in the sale. Depending on the state, this can be a good time to negotiate with the seller, especially if you’re the highest bidder.
It’s a good idea to hire an experienced buyer’s agent in Melbourne, such as Metropole, to help level the playing field at the auction. They will be able to assess the competition, determine what your budget is and guide you through the bidding process. They’ll also be able to provide you with an indicative borrowing capacity based on your financial situation and assess whether you should bid or pass.