How To: Buy at Auction 5 / 11

Nerve wracking and thrilling, attempting to buy at auction is often an adrenaline fueled rush. You have done all your homework and fallen in love with the home, but there might be a few questions left on your mind. We will answer the most common few below:

 

Can I secure a property prior to auction?

It is possible to secure a property prior to Auction? If your offer were to be accepted by the owner, we would need to transact the property unconditionally with a paid deposit and the appropriate authorisation from your solicitor/conveyancer in the form of a signed Section 66w(please discuss with your solicitor/conveyancer) for the listing to be taken off the market.

What do I need to know for Auction Day?

Firstly, ensure you bring valid identification with you e.g. drivers licence or passport and leave yourself time to register. There will usually be at least 30 minute before the Auction to have one final look at the property and register to bid. When bidding, make sure your bidding number is visible and ask a Richard Matthews Agent for assistance if needed.

What happens if I am the highest bidder?

At the fall of the hammer, if you are the highest bidder and the property has reached reserve price you have purchased the property and will need to sign the contract for sale, pay your deposit and celebrate! If the property passes in having not met the reserve price, you will generally have the first right to negotiate under Auction conditions on the day.

Can someone bid on my behalf?

There are a number of reasons you might decide you need someone else to bid on your behalf. If this is necessary, you must provide your Richard Matthews Representative & Auctioneer with a signed authority form prior to the Auction. This letter must include your name, address and proof of identity. Your Richard Matthews Agent will be able to guide you through this process if it applies to your circumstances.

What needs to be organised before placing a bid?

Prior to bidding or making an offer, ensure you have valid and up to date photo identification, you will need to arrange your finance, organise your deposit, understand the terms of the contact and seek legal advice. It is also important to calculate associated costs including stamp duty, legal fees etc

Read more here about how to buy at auction.

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