You`ve decided to sell your house at auction. The sale of houses by auction has become very popular. Right now, there are often more potential buyers than homes available in the popular suburbs, so auctions can be a great way to get the best dollars for your home. Selling a home can be stressful. That is where we can help. We want to make the sales process as stress-free as possible. Below is described the general process for selling a house by auction that will help you get your head above the procedure and can help you get the best result. Some important facts about the auctions are worth noting: If the house is sold at auction, the buyer must immediately pay a down payment to the real estate agent (which usually represents 10% of the purchase price they pay). You must sign the auction agreement, which is a legally binding agreement, so we recommend that your lawyer have it checked before the auction so that you know what you are signing. If the house is sold at auction, your real estate agent will pass on the signed auction contract to your lawyer. If you want us to act for you, you or the agent can download your auction contract here with us. If the house is not auctioned, you may be able to enter into negotiations with the highest bidder after the auction. We strongly recommend that you gather as much information as possible about the home in order to give potential buyers.
In auctions, buyers offer unconditionally. This means that if they win the auction, they buy the house without being able to include conditions that would allow them to retire later in the event of problems. Potential buyers must therefore do all their homework before the auction, which usually involves reviewing the legal aspects (auction contract, title, Council LIM report), use of financing, revision of the house (for example. B Report of the Owners, Evaluation and Lim of the Council). All these duties can be a lot of hard work and costs for any potential buyer, and some potential buyers will give up! So, if you can make the purchase of your home at auction as easily and cheaply as possible by providing as much information as possible, you can increase the number of bidders at the auction and, in return, the price you will receive for the house. The information we advise you to meet together before the auction is explained below: VERIFYING THE LEGAL ASPECTS The Title, LIM and Auction Agreement are all legal documents, so it is important for a lawyer to check them to sure that there are no problems with the property.