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How Do Auctions Work?

By Andrew Bell

If you are concerned about going to an auction or putting your property up at this selling venue, relax. It's not possible for someone to scratch their nose and accidentally walk away a homeowner. However, there are a few procedures you need to be aware of if you are looking to buy or sell real estate in Surfers Paradise at auction.

Tips for buyers:

– Register with the auctioneer before the auction begins so you have an auction number and paddle.

– Get a professional evaluation of the house done before the auction. If you are successful at auction, there is no 'cooling-off' period to rethink the purchase.

– Do some research into house prices in the area and work out the maximum amount you are willing and able to pay. This will help you avoid getting caught up in the excitement of the auction and overbidding. Also, make sure you have the deposit ready.

– Read the sale contract and be aware of the terms and conditions. Buyers cannot impose any new terms to the contract or change the seller's conditions.

Advice for sellers:

– Before your auction, make sure you and your real estate agent are in agreement about the reserve price. If it is met, then the sale is guaranteed.

– You can also make vendor bids through your real estate agent, but it's best to check the legal ramifications of this before auction day.

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