How to Register As an Auction Bidder in Melbourne
You’ve been house hunting for months and finally found the property you want to buy. It fits within your price range and you have some home improvement visions. It’s going to auction soon, so you get in touch with the agent to register your interest.
What are the 4 types of bidding?
Once registered, you’ll receive a bidding number, which is used to make each bid. The auctioneer will introduce the contract of sale and explain any auction conditions. The Auction Bidder in Melbourne will usually commence at a low level, increasing in small increments until the reserve price is reached or the property is passed in.
If you’re the successful bidder at auction, you’ll sign the contract on the spot and pay a deposit – typically 10% of the purchase price. The deposit is non-refundable if you’re not the successful buyer, so it’s important to do your research and understand a property’s true market value before placing a bid.
It’s also a good idea to get pre-approval for finance so you can focus on the auction process. Auction buying is unconditional, so once you say you’ll bid for a property, you can’t back out. It’s also worth registering with a real estate auction specialist, like Metropole Property. These professionals can provide you with the latest Melbourne property market predictions and help you prepare for the auction day. Having the right team can help you avoid costly mistakes and find the perfect property for you. Whether you’re a first-time buyer or seasoned investor, you can find the best property at the right price with the help of an expert.
