Your insider’s guide to nailing auction day

The thrill of auction day is electric, as you prepare to do battle with other bidders to seal the deal. But there’s a lot you need to take into account before you get there.

Its an emotional roller coaster, and it pays to get expert advice before you dive into Victoria’s fiercely competitive property market, particularly if you’re a first-time buyer. Even if you’ve bought before, engaging a firm like Fastrack Conveyancing – with 35 years’ experience between directors Tammy D’Amore and Justine Kitchen – can make all the difference.

What do I need to know before auction day?

The first thing you have to get right is running the numbers, Tammy says.

“If you are the successful bidder at auction, you have to sign a contract, and it is unconditional. There’s no cooling off or getting out because you haven’t got your finance in place. So it’s important to know what your budget is and stick to it.”

Talk to your bank or mortgage broker to determine how much you can safely borrow. You’ll need to have access to at least 10% to pay a deposit on the day.

You also have to do your homework while on the hunt for the perfect home. “Research the area you want to buy into thoroughly, and the type of property you want as well, whether it’s an existing home or buying off-the-plan,” Tammy says.

“Once you’ve found a property, that’s when you should speak to a conveyancer,” she suggests. “We always recommend a contract review before you make any offer or attend an auction. We’ll guide you through everything from due diligence, to signing a contract, right through to settlement.” 

What’s due diligence?

You might have fallen in in love with the property, but there’s a lot you need to suss out before you bid.

That includes checking things like what condition the house is in and where the true boundaries lie. What about owners corporation? Zoning laws? Is it in a bushfire or flood-prone area? And have the current owners put up an illegal granny flat or pergola out the back?

“It is vitally important to have reviewed the contract and Section 32 and also completed all other inspections you feel necessary for the particular property,” Tammy advises. “We strongly suggest engaging Fastrack to assist with the review, because once you sign the contract, you’re pretty much saying ‘I’m happy with the property as is.’ It is very much buyer beware.”

That’s why it pays to invest in the sound advice and support of a firm like Fastrack Conveyancing. We also offer an agreed fee upfront, so there’s no bill shock.

On the day

You’ve got the finances in place, expert advice and you know everything you need to about the property. Now you’ve just got to nail auction day itself.

“Don’t get too caught up in the excitement,” Tammy cautions. “It can help to bring a family member or friend you can trust to help keep the excited nerves under control.”

Ready to bid? Contact a Fastrack Conveyancing expert today on 03 9915 5790 or email us here.