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Hot Tips For Buying At Auction

By Jamil Allouche

Australians love auctions and more properties are going under the hammer to sell, as opposed to other kinds of transactions.

If you're considering attending an auction for property in Brunswick or Pascoe Vale real estate, then here are a few things that you should keep in mind, according to the Real Estate Institute of Victoria (REIV).

First, never go in without a plan. Make sure you know what your ultimate budget is, otherwise you could risk biting off more than you can chew.

Ensure you've inspected the property beforehand so there are no nasty surprises, and double check  the contract of sale, vendor's statement and auction rules, too. These should all be on display on the day of the auction.

You also need to follow good auction etiquette. That means placing yourself in a position where you and the auctioneer can see each other, and clearly announcing your bids outloud and by visibly raising your hand.

Remember that all sales go unconditional once the final bid has been made, so make sure you've obtained finance and performed the proper inspections prior to auction day. 

No matter what you do, make sure you go to an auction with a clear head, knowing what you want. An experienced real estate agent can often provide the assurance and confidence you might want throughout the process.

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