BUYING AT AUCTION

On the actual day of the auction you should arrive with plenty of time to spare in order to make one last inspection of the property. In doing so you will have time to check the contract of sale, the vendor's statement and the auction rules.

If you have any questions about how the particular auction will work, be sure and get clarifications from the agent representing the buyer. One key principle in the whole action affair is that if property is passed in below the reserve (minimum asking price of the vendor) then the owner through the agent or the auctioneer will first negotiate with whom ever is the highest bidder on the day.

So if you are attending the auction and are interested in bidding for the property and you hear the auctioneer announce the property is going to be passed in, then it is a good idea to position yourself so that you are the highest bidder. That way you get first crack at the negotiating table afterwards. You need to do this before the property is actually passed in, because once that occurs it's too late to bid.

No auctioneer can reopen the auction to accommodate a late bid and override someone else's position as highest bidder.

Once the after auction negotiations open up, you either accept the owner's asking price or the owner has the right to end the negotiations then and there to start negotiating with yet another buyer.

If you have a question about real estate or would like assistance in locating a property feel free to phone me.

Noel Thompson, Principal Professionals Logan Lifestyles.

Waterford 3299 7733 Browns Plains 3800 4000 Springwood 3808 5544

http://www.llr.com.au

BUYING BEFORE AUCTION

You don't necessarily have to wait for an action to buy if you're certain it's the right property. One way to avoid all the angst is to try and buy the property beforehand.

Of course you will need to do your homework and line up your finances. You may want your solicitor to check out the contract of sale to make sure everything is correct. You should have a professional building and pest inspection done on the property and most importantly to make a serious bid you will want to already have your financing lined up.

This pre-auction strategy is particularly useful if you think there will be great interest in the property. But be prepared to offer a fair price. You won't achieve a bargain but you may avoid having to bid against 3 or 4 other interested parties.

Remember everything is negotiable.

You don't have to necessarily accept the seller's terms. You can ask (but may not receive) for amended terms. At least this way you can gauge the level of interest and the degree of competition by the seller and their agent's reaction. If you ask for a longer settlement for instance and the seller refuses it might indicate there is strong interest. On the other hand if they readily agree you may be in a stronger position to negotiate further.

If you have a real estate interest or need feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles on 0418 517 525 or call into our friendly offices at Browns Plains and Waterford for immediate assistance.

http://www.llr.com.au