So the property you wish to purchase is going to auction. Here’s a quick guide to what you need to know come Auction time

So what’s involved in buying a home at auction?

• To be able to bid at auction you will need to register prior to the auction commencing. You will be asked to give your name, address and show proof of identity
• If you are bidding on behalf of another person, you must provide a letter of authority stating you are authorised to bid on their behalf
• An auctioneer cannot take a bit from someone who is not registered
• Organise your own pest and building inspection prior to the auction of the property
• Get your finances in order before the auction. Know exactly how much you can spend
• If successful on the day, you will need to pay a 10% deposit
• On the fall of the hammer, if you are the highest bidder you must sign the contract
• There is no cooling off period

It is worth attending as many auctions as possible so you feel comfortable with the process and understand how it works.