Myth Busting Auctions
‘There’s a lot of myth and mystery around a Real Estate auction,’ says Michelle Mitchell, principal of LJ Hooker Lismore, ‘but once you know the basics, it’s really not that scary.’
One of the biggest myths about Real Estate auctions is that if you scratch your nose at the wrong time, you could end up buying a mansion. ‘Not true!’ says Michelle. ‘You must scratch your nose at least twice before the auctioneer can accept your bid,’ she laughs.
‘If you’re new to buying at auction there are a few things you need to have in order before you turn up to bid. When you’ve found a property that takes your fancy, you need to ask for a copy of the contract and have your solicitor read through it to make sure you understand it fully. Once you’re happy with this, head off to the bank and get your finances sorted,’ she says.
If you’re interested in buying a property at auction, it’s important to remember that there is no cooling-off period. ‘The sale of the property on the final call in unconditional, so if you’re interested, you must have your pest and building, and finance done before the auction,’ says Michelle. ‘If you are the successful bidder you will need to be able to pay a deposit for the property on the night – usually 10% of the total amount,’ says Michelle.
Another myth about auctions is that you must be experienced to participate. Not the case. ‘Everyone has to start somewhere and lots of auction participants will be first home buyers and regular, everyday homeowners,’ says Michelle. ‘It’s a good idea to come along to an auction before the one for your property to see how they are run and get comfortable with the process.’
If the idea of an auction still scares the bejesus out of you, come along to our fabulous Auction Event on 14 June at Lismore City Hall
to see all the fun and excitement of an auction in action. Just don’t scratch!