Hi guys,
upon being the winning bidder at auction, i know you have to pay the deposit immediately/that day (i understand this to be 10% as the general rule of thumb).
i know this is usually achieved by personal chque.what if i dont have a chequeing account to draw a personal cheque?
bank cheques wouldnt be ideal would they? considering the 10% would be a variable figure that you wouldnt know before turning up the auction (not to mention most banks dont open weekends if an auction is held then)what about EFT? does the vendor/agent allow 24hrs to wire money across? or this up to their discretion. and if so, does that mean when i turn up to an auction i have to inform the agent during registration?
thanks
Benwork out what your willing to pay, lets say max is $560k then go and get a bank cheque for $56k even if you get the property for $500k it means you have payed a higher deposit but will that matter to you?
speak to the agent and ask them, or if this is not suitable as you don't want them to know your interested in the property then inquire about another property that is going up for auction with the same agency and see what they say or send them an email.
you may find they will do EFT in front of them so that they know the money has been transfered, But make sure your bank will allow this amount to be transfered or maybe get the agent to jump in your car and go to the bank and do the transfer but you would have to ask this before bidding as they may not do it
o a deposit bond is another way but you would have to make sure the agent will accept this as some agents do not
thanks guys.
good point on the max loan – deposit figure. i'll prob go down this route.
cheers
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