How to prepare for property auctions

A property auction is a great way to get your dream home or property investment at the right price and location. However, if you aren’t prepared for how the process works, you could find it more stressful than it needs to be. To get the most out of your first Gold Coast property auction experience, take a hint from how Mermaid Waters real estate agents like Duwayne Mattig do it.

RESEARCH YOUR OPTIONS

Working with real estate agents can improve your first-time auction experience as they can walk you through the process. This usually starts with a briefing on the market you’re entering and what you can expect to pay for certain Gold Coast real estate properties. They should be able to give you a general idea of how actions go down in the area in terms of what the clearance rate is and how many successful auctions have taken place.

RESEARCH YOUR CHOICE

Once you’ve shortlisted suitable properties, you’ll need a detailed property value appraisal before the auction, as you’ll be obligated to purchase any property you win, no matter its condition. This means enquiring as to whether it’s been inspected for pests, electrical/plumbing faults and soil irregularities. You’ll also want a conveyancer to check the sales and purchase agreement. If you’ve completed step one you’ll only need to do this for the properties you’ve found to be most suitable for your requirements.

BE READY TO PURCHASE

Coastal real estate property auctions go quickly and the minute you commit to a purchase you need to follow through with it, whether you can afford it or not. You could incur penalties for a delay in payment or having your finance application fall through. Make sure you have your deposit money ready to go (either through savings or through a pre-approved loan).

ASK FOR HELP

Unless you’re experienced in dealing with auctioned houses for sale on the Gold Coast, it’s best to seek help from professionals such as mortgage brokers and real estate agents to make sure you make the right choice and don’t pay more than you need to.

Contact Duwayne Mattig today for advice on entering the auction process.

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