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  • 3 bedrooms
  • 2 bathrooms
  • 1 parking spaces

$ 262,000
3BR BV with Ensuite, Shed & O/Door ent area on 1001 ...
  • 3 bedrooms
  • 2 bathrooms
  • 2 parking spaces

$ 334,000
Quality 3 BR BV with 2 Living Areas, Ensuite & Carav...
  • 2 bedrooms
  • 2 bathrooms
  • 1 parking spaces

$ 169,500
2 BR Unit Close to CBD & Lake
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Buying at auction

What is an auction?
An auction is a public sale where buyers bid against each other to purchase a property.  If the highest bid is acceptable to the vendor (the seller) a sale occurs on the fall of the hammer.   As the buyer of the property, the highest bidder is required to sign the Contact of Sale and to pay the deposit (generally 10%) as stated in the contract at the conclusion of the auction.
The vendor/s also sign the contract and the exchange of contracts takes place immediately.   There is no ’cooling off’ period at an auction.

The property is ‘passed in’ if the highest bid fails to meet the seller’s reserve price.

Sometimes it’s possible to make an offer on a property before the actual auction starts.

Tips for buying at an auction:
* Be informed about property prices in the area and the price range that you are interested in.
* Work out what the property is worth and what you are prepared to pay for it.
* Establish your own bidding limit based on what you can afford.
* To make sure you can afford a property work out the limit on your loan and add 3% to the currnet interest rate.  If you can still make payments then that is a safe limit.
* Negotiate any terms you may require before the auction.
* Obtain a copy of the contract, have it thoroughly checked and get advice from your solicitor or conveyancer.
* Check what chattels are included with the property to see what you are getting. Details can be found in the contract.
* If you are interested in the property, let the agent know. 
* Attend several auctions to become familiar with how the process works
* Don't get caught up in the emotion of it all and keep bidding beyond your limit. Consider having someone with you who will stop you bidding.
* Consider making an offer before the auction
* Have pest and building inspections completed before the auction as it is not possible to make a sale by auction a conditional contract.
* Even though the auctioneer can ask for certain size rises, you can ask for small or large increments. It is up to the auctioneer though if he accepts the amount or not.
* Contact your finance provider well in advance of the auction to make sure you have finance available if your bid is successful.
* Set an uneven limit ie if you are considering stopping at $410,000 make it $411,000 otherwise if some one else has the price of $410,000 in mind the property will be sold to the person who first gets to the price.
* Consider obtaining professional pest and building inspections prior to the auction which will point to problems in the property that will cost money to fix.
* If you are a first time buyer, go to a number of auctions while you are looking and getting used to the process.
* If you are bidding, make clear and confident bids.  Waiting until the last moment to bid may not be a good idea as you may miss out.
* Keep control of the bidding.  If the bidding is increasing in larger denominations than you are comfortable with, consider offering a lower denomination as your bid.  The Auctioneer does have the right to refuse it but there is no harm in trying.
* Stand in clear site of the auctioneer and make your first bid clearly visible to them.
* Know your price range and set an absolute limit.  Don’t let the excitement get to you.
* Remember to take your cheque book and be ready to pay.   If you are the successful bidder you will have to pay a deposit (usually 10%) when you sign the contract following the fall of the hammer.
* There is no cooling off period when you buy at an auction.


Auction Rules:
Specific rules apply to Public Auctions in Victoria, some of which are as follows:

*1. No bids may be made on behalf of the vendor of the land
                                        OR
*1. The auctioneer may make one or more bids on behalf of the vendor of the land at any time during the auction.

2. The auctioneer may refuse any bid
3. The auctioneer may determine the amount by which the bidding is to be advanced
4. The auctioneer may withdraw the property from sale at any time
5. The auctioneer may refer a bid to the vendor at any time before the conclusion of the auction
6. In the event of a dispute concerning a bid, the auctioneer may re-submit the property for sale at the last undisputed bid or start the bidding again.
7. If the reserve price has been set for the property and the property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the property.
     


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