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Buying a home at auction can be an exhilarating experience. If you’re thinking of purchasing a property at auction, here are some of our tips on how to better prepare yourself.
Preparing yourself for the auction
Get your home loan in order
One of the most important things you need to do is arrange your finances before the auction. If you are successful, you may need to write a deposit cheque on the day.
Visit auctions before your big day
Visit other auctions before you start bidding so you can get a feel for how auctions work and observe the different bidding strategies.
Set yourself a limit
Do some research on the prices of property for sale in the area you are considering buying in. Work out how much you can afford to pay, set yourself a limit and don't go over it.
Review the contract
If you require any amendments to the contract – such as a longer settlement period - make sure you speak to the agent and agree on any changes in writing before the auction.
Get started on your home loan application
