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Tips to buying before auction

6 July 2019
By Tim McKibbin, REINSW CEO

If you love a property that's up for auction, there's no reason you shouldn't make a pre-auction offer. But there are a few things to consider.

First, pre-auction offers are typically unconditional and subject to auction conditions (as in you waive your cooling off period). Understand your needs and ensure the property meets them.

Complete all building reports, have your solicitor review the contract, ensure the property is not stigmatised from a serious crime and secure your finance.

Second, your offer must be reasonable. If you expect a vendor to risk not going to auction, your offer should at least meet market value.

Finally, if your offer is rejected, you should still attend the auction as you could be the highest bidder on the day.

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