With a variety of properties being sold at public auction, it is important to be prepared so you can bid confidently & nerve free. Auctions are exciting & can provide you with a terrific opportunity to purchase your dream home, so you need to ensure that you understand the implications & requirements of each stage.

Before Auction Day

Be Prepared:

Prior to bidding or making an offer, have you:

1. Arranged finance?
2. Organised your deposit?
3. Read the building, pest & compliance report?
4. Obtained a copy of the contract & fully understood it, or have you recieved advice on the terms & conditions from your solicitor?
5. Calculated costs, ie stamp duty & legal fees?

If you have any further questions, we will be more then happy to discuss these with you

Offers Prior To Auction

In some cases the owner may consider an offer prior to auction. Although an offer may be made & accepted prior to auction day, you need to be aware that any offer of this nature is still made under auction conditions & will require an immediate unconditional exchange of contracts prior to the property being taken off the market. The offer must be submitted in writing, on the contract document, attached with your agreed deposit & cooling-off certificate from your solicitor.

Auction Day

The big day has arrived & there's several steps you need to take before getting amongst the bidding.

1. Inspect the property - properties are usually open 30 minutes prior to the auction, so it's a good idea to inspect the property one last time
2. Register to bid - ensure you/ & or your partner bring your ID. It's a good idea to allow yourself sufficient time to register with our agents/auctioneer
3. Bidding - make sure your bidding paddle is visible to the auctioneer when you make a bid. Ensure all bids are made clearly
4. Know your limit - always ensure you bid what you can afford & know your maximum. Auction days are full of excitement & this can prevent you from getting carried away

At The Fall Of The Hammer

• If the property has reached reserve price & you are the final bidder - congratualtions, you have bought the property! All that is left to do now is sign the contract, pay the agreed deposit & celebrate!
• If the property has failed to reach reserve & you are the highest bidder, you will generally have the first right to negotiate under auction conditions with the agent
• If the property is passed in & immediate negotiations do not reach agreement, the property will generally be placed on the market for private treaty negotiations at a price instructed by the vendor

Why you should list your home with us?

Achieving a great sale result requires a great team, & Independent has led the Canberra region’s real estate market since we first opened our doors in 1958. We are passionate about our vision to deliver remarkable property experiences every day. Our constant innovation, extensive experience, high level training, & strong local market knowledge make us your perfect partner when selling your home.

As your local property expert, we would love to help you achieve your property goals. Whether you’re looking to sell right away, are interested in the value of your home, or want some tailored advice to help you make your next move, we are here to help. 

If you are looking at purchasing a property and have one or more properties you want, or need, to sell, you may need to consider what the best process is in order to maximise your profits and minimise any unnecessary costs.

Therefore it is important to understand the timeframes associated with selling property. Many clients are a little shocked when they hear the average time allowance to sell their property is between 3-4 months.

Preparation – 2-3 weeks:

• Sales Contract
• Building Inspection
• Staging
• Photoshoot
• Marketing Material

Selling timeframe:

• Average 4 weeks
• Buffer of 4 weeks

Unconditional Offer:

• 2 weeks (not applicable for an auction property as it is exchanged unconditionally at the successful auction)

Settlement

• 4-6 weeks

So, what are the options?

Buy 1st, then sell: 

This can be done via a relocation loan or an extension to the current loan, allowing the purchase of the next place. The faster the current home is sold, the shorter timeframe to service the larger loan, but there is no need to have a fire sale. This option is used by those who may be waiting for a specific property which does not come along very often so they don't want to sell until they find that perfect property. The key here is the banks have to be happy to finance the larger loan and the seller has to be happy to service it until they sell and these last 2 points can be a deal breaker for some.

Sell 1st, then buy: 

The benefits of this option is the seller gets to sell their current home without any pressure of time or finance constraints and wait for the right buyer to come along at the right price. The sale proceeds can then be used to fund the next purchase and most people find it easier to budget knowing the price of their current home. The main concern people have here is what if they sell but can not find the next home before the new buyers want to move in? The protection we put in place as the agent looking after the transaction can be a longer settlement of 60, 90 or even 120 days giving time after the buyer exchanges for our seller to find the next place, buy it, then coincide settlements. If at the end of say 120 days the right home has still not come up (which is rare) the seller could settle then rent back the home from the new buyer for a short period of time or stay with family or friends or even rent another property with all the money in the bank as they shop for the next home with no time pressures what so ever.

Please contact me if you would like a current valuation of your property(s) to establish your purchasing capacity, we can also advise which path you might be best to go down, sell 1st or buy 1st. Every person's situation is very different but rest assured that after helping over 2100 happy clients, we have the experience to help you pick the best option for you.

Please feel free to email me at grahame.obrien@independent.com.au.

Our clients and our people are our focus; with personalised service, continued development, innovative effective solutions, streamlined processes with a future focus and a major investment in market-leading technology.

Recently we were recognised among the industries elite at the Real Estate Institute of the ACT Awards for Excellence for our client focus in the following areas:

Award for Innovation for our innovative commitment to provide our clients with the best possible service and experience.

Community Service Award for both financial and volunteering work in our region and beyond. To date we have donated over $1,000,000 and our staff volunteer over 1,100 hours of time per annuum to charities and community organisations.

Marketing and Communications Award for our first to market Artificial Intelligence Bot to meet client needs for 24/7 real time communication responsiveness and our Independent rebrand which demonstrates the future direction of our 60 year old Canberra centric company.

Large Residential Agency of the Year Award for business transformation in client experience & technology, our people and frontline focussed systems, community contribution and outstanding client results.

These awards act as reassurance to you as to the calibre of client experience we are committed to give our clients and answer directly to our mantra – To Provide Remarkable Property Experiences.

We are humbled by these awards and feel proud to of our people and their abilities.