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Are you ready for auction day?

Are you ready for auction day?

Buying property at auction? Make sure you’re prepared with our auction checklist.

Auction day can be a little stressful, even if you’ve had some experience. So what are the essentials when it comes to auctions? We take a look.

  1. Familiarise yourself with how auctions work

    Do your research, talk to friends and attend as many auctions as possible before the big day. Practice makes perfect, and the more familiar you are with the bidding process and regulations, the more confident you will be when it’s your turn to bid.

  2. Conduct thorough inspections

    As well as physically inspecting the property yourself, ask the seller for copies of any building inspection reports that may have been prepared. If none have been done, organise pest and building inspections before the auction date.

  3. Know what the property is worth

    Make sure you take the time to research your shortlisted properties. Look at recent sales of similar properties in the neighbourhood to get a good idea of what the property may be worth.

    Our complimentary Property Reports can help you research the area you are interested in. You can search sale listings, suburb insights, demographics and more.

  4. Check the sale contract

    Get a copy of the sale contract from the vendor’s agent and have your solicitor check it before the auction. If you have the winning bid at auction, you’ll have to sign the contract on the day.

  5. Get pre-approved

    Conditional pre-approval will help you understand how much you can bid. This can not only help with your budget calculations and give you peace of mind, but also shows vendors that you are serious about making an offer.

  6. Register to bid

    If you are in New South Wales, Queensland or Victoria, you need to register to bid, either before or on the auction day.

    Registering doesn’t mean that you have to bid; it just means you have the right to bid. You will need some sort of identification and a document that provides proof of your address. Commonly accepted forms of identification include a driver’s licence, vehicle registration papers or council rates notice.

  7. Bid

    Decide on your upper limit before the auction begins, and stick to it.That will help you avoid getting in over your head financially.

    Approaching bidding as a business transaction, with a cool head and a calm manner, can maximise your chances of making the right decisions in the heat of the moment.

Speak to one of our Home Lending Specialists to help make sure you’re ready to bid on auction day.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial and legal advice before making any decision based on this information. Applications for finance are subject to the Bank’s normal credit approval. Full terms and conditions will be included in the loan offer. Bank fees and charges are payable. Commonwealth Bank of Australia ABN 48 123 123 124.