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Before the auction,
- inspect the property
- do all the necessary checks such as a title search and building and pest inspection
- arrange your finance, keeping in mind the repayments you can afford now and if interest rates go up
- get an independent professional valuation of the property
- do your own research of the market
- set a budget and stick to it
- ask the agent how much is needed for the deposit and how you need to pay it on the day (a personal cheque, bank cheque or deposit bond is usually okay)
- get a copy of the contract and think about getting legal advice about the terms and conditions of the auction to ensure you understand what you will be bound by if you are the successful bidder.
the above is off, office of fair trading website.
how do i get someone to bid on my behalf? how do i pay deposit on the day, if im interstate?, and what size deposit is usually required?, any others suggestions?
any advice appreciated
cheers Mick
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