Did you know that sale by auction is a three stage process that gives you three opportunities to buy?
If you have the funds available you may want to bid at the auction. Unfortunately not everyone is in this situation, some are waiting on finance to be approved, while others may need to sell their own property to before they can buy a new one. This shouldn’t stop you from buying a property that is for sale by auction.
You could attend the auction, wait and see if the property is passed in, and then make an offer that is subject to sale or finance. This is risky, the property may sell under the hammer, or the seller may negotiate with the highest bidder and you may not get a chance to make an offer.
Alternatively you can make an offer before the auction. Many sellers are willing to accept reasonable offers in advance. They have the certainty of knowing the property is sold and avoid the stress of auction day.
If you are genuinely interested in buying a property that is up for auction, but aren’t in a position to bid, speak to the Agent or please feel free to call me anytime and ask me any questions about auctions.
Here is the Auction Code of Conduct provided by REIWA that may help you understand the process a little better.