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You may encounter less competition for the property
B U Y I N G A T A U C T I O N
Auction is the most transparent way to purchase property, some of the benefits when you choose to buy at Auction include:
If a property is "passed in" at Auction (does not sell), often several buyers come forward afterwards seeking to buy with a range of special conditions attached to their offer eg finance approval, building and pest inspections etc. This then places buyers in competition with each other post Auction Some buyers have secured excellent value at Auction simply because a cash unconditional contract was a high priority for the seller who chose to take the highest offer under Auction conditions rather than considering conditional offers afterwards Competition at an Auction is transparent Property transactions are a process of negotiation and buying at Auction is no different
If you wish to alter the terms of settlement, deposit, inclusions or conditions of the contract of sale, just speak to the Listing Agent However, ensure you do not wait until Auction Day as this may be too late, these conditions must be agreed upon by the vendor prior to you commencing bidding Although you are at liberty to request variations you may not always get your way, especially if there is strong interest in the property If your conditions are not agreed upon prior to Auction do not be deterred. If the property is not sold at auction the vendor is often more receptive to conditional offers subsequent to the day Just as there are benefits to a seller who chooses to market their property by auction, astute buyers may also benefit by the process With an Auction, offers and negotiations are public out in the open With a private treaty sale (sale by price), if two or more buyers want the same property at the same time, it is standard practice that each buyer will not be aware of the offer being made by other buyers, meaning all competing buyers are "shooting in the dark" At Auction all offers are made publicly (in the form of bids) and a buyer can choose to increase their offer only as much as they want to pay above the last highest offer This buyer is free to withdraw from the bidding any time they feel the price has gone beyond the figure they are prepared to pay.
If a buyer is in a position to purchase at Auction, they may actually find they have less competition than if they seek to purchase priced property. This is because some buyers are not in a position to buy under the cash unconditional terms of an Auction
Things to consider The terms of a residential Auction sale usually requires the buyer to bid on an unconditional basis The real estate agent can give you a copy of the terms and conditions before the auction date
Remember, when buying at Auction there is no cooling off period. You need to view the property and do all the necessary checks before bidding Getting an independent professional valuation is also a good idea If you are the successful bidder at the Auction, you will have to settle the contract even if the house is defective or you can't afford it
Arrange your finance, keeping in mind the repayments you can afford now and if interest rates go up Do your own research of the market Set a budget and stick to it
Before the Auction, make sure you: Inspect the property
Ask the agent how much is needed for the deposit and how you need to pay it on the day 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 buy if you are the successful bidder
The terms of a residential auction sale usually require the buyer to bid on an unconditional basis This means you cannot have any special conditions such as a finance clause or subject to the completion of another sale
Do all the necessary checks such as a building and pest inspection
Check with the Auctioneer, make sure there are no changes to any contract you may have already been given You can also ask questions about the property before the bidding starts If you want to bid, register with the Auctioneer before the Auction starts The Auctioneer will give you a unique identifier such as a numbered paddle Only registered bidders can bid on the day Set a budget before the Auction and stick to it If you are the successful bidder, you must sign a contract immediately There are serious legal ramifications if you cannot settle whether you had a loan approved or access to the money, or you may be asked to pay for the cost of re auctioning the property and any shortfall between your offer and the offer received at the next Auction
On the day get a copy of the terms and conditions of the Auction before the Auction begins, these should be read out to prospective bidders before the Auction starts
On Auction day
C O N T I N U E D . . .
In Queensland, Auctioneers are allowed to accept 'vendor' (seller) bids up to the reserve price The property is then 'on the market' Vendor bids must be announced in the conditions of sale at the beginning of the Auction
If you are the highest bidder and property doesn't reach the reserve price, you have first right to negotiate after Auction If you agree to accept a contract after Auction, you do have the five day cooling off period protection. Vendor Bids
It is illegal for Auctioneers to make "dummy bidding" or take false bids once the property is on the market and any bid where there is no genuine bidder is a false bid The Auctioneer reserves the right to bid on behalf of, or accept, bids from the owners of the property
Good luck!
5 Bunbury Court, Elanora OPPORTUNITY KNOCKS! Superbly situated in a tranquil, sought after southern Gold Coast cul de sac and just minutes from all this great suburb has to offer, this impeccable family home presents super convenience and complete comfort. Beautifully presented, with a spacious open plan living area, 3 bedrooms, 3 bathrooms, Auto Double lock up garage, Solar electricity & Solar hot water 3 3 2 bed bath car Lot1 Deposit: $60,000 Settlement: 60 Days Laura & Robbie Robinson 0416 167 813 laura robinson@raywhite com
Daniel Tavener 0431 837 814 Dion Zorko 0416 516 652 74 Cyclades Cr, Currumbin Waters ORIGINAL HOME WITH WATER VIEWS Set back on an 825m2 flat block, this original condition waterfront residence is the perfect opportunity for you to make your mark in the highly desired 4223 postcode A blank canvas with endless potential, this charming residence affords multiple living spaces, three generously sized bedrooms, master with walk in robe, back patio with alfresco dining as well as expansive yard space perfect for families and those who live to entertain! 3 1 bed bath daniel.tavener@raywhite.com dion.zorko@raywhite.com Lot2 2 car Deposit: $60,000 Settlement: 90-120 Days
12 Dudgeon Drive, Tallebudgera BUSH TO BEACH IN MINUTES! Superbly built, this gorgeous single level home is a terrific close to town acreage home Beautiful polished timber flooring, modern ceiling lines and an overall emphasis on style are just some of the features of this well proportioned property. This designer work of art is a stunning family home with expansive open plan living spaces and quality fittings and fixtures throughout, capably accommodating to the needs of modern family life 4 4 bed bath Lot3 3 car Deposit: $100,000 Settlement: 60 Days Laura & Robbie Robinson 0416 167 813 laura robinson@raywhite com
298 Coolangatta Road, Bilinga GLORIOUS BILINGA BEACH HOUSE! Perched on the perfect flat block along the highly sought after Coolangatta Road resides this glorious Bilinga Beach house! Meticulously renovated fusing original elements with modern design, from the restored hardwood sliding doors and feature breeze blocks this home exudes coastal charm Lot4 Deposit: $75,000 Settlement: 60 Days Josh JMcKenzie ohn Parkes 0418 245 590 john.parkes@raywhite.com 3 1 1 bed bath car
Lot5 264 Trees Road, Tallebudgera TREES ROAD TRANQUILITY If Tallebudgera is on your shopping list, this property is waiting for its new owners! 264 Trees Road is full of potential This solid brick family home sits high on the 1 7 acres allotment to capture the surrounding natural scenic views. Easy to maintain manicured lawns and mature gardens surround the home and the land gently slopes towards the back paddock and horse set up. Deposit: $50,000 Settlement: 30 Days Stephen Hay 0409 599 899 stephen hay@raywhite com 4 3 5 bed bath car
Dion Zorko 0416 516 652 Daniel Tavener 0431 837 814 19 Flores Avenue, Palm Beach PRIME LIFESTYLE OPPORTUNITY! The owners are relocating presenting a fantastic opportunity to secure this premium Palm Beach residence! This modern home is scheduled for Online Auction Thursday 1st September 2022 with all offers considered prior Located on a generous 567m2 fully fenced block, this single level move in ready home, combines luxury living with all the perks of a central coastal location, just minutes to local cafes, restaurants & world famous beaches in the tightly held Southern Palm Beach precinct 4 2 bed bath dion.zorko@raywhite.com daniel.tavener@raywhite.com Lot6 2 car Deposit: $60,000 Settlement: 90 Days
100 Mallawa Drive, Palm Beach SUPERB POSITION MASSIVE POTENTIAL! With an original home on the site, the creative buyers out there will have a crystal clear vision for this property's massive potential Many will appreciate the exceptionally WIDE waterfront position with the golden sandy beach. You really are spoilt for choice with this Prime Palm Beach location! You can choose to renovate, rebuild or even land bank for future long term capital gains 3 2 bed bath Lot7 2 car Deposit: $100,000 Settlement: 30 Days Laura & Robbie Robinson 0416 167 813 laura robinson@raywhite com
Daniel Tavener 0431 837 814 Dion Zorko 0416 516 652 4 Kentia Court, Elanora TROPICAL FAMILY OASIS! Enviably positioned on a flat 609m2 block in the exclusive stretch of Kentia Court this single level family home showcases the best of low maintenance living in a highly sought after position, the location here is hard to beat! You will feel worlds away in your tropical oasis yet still close enough to enjoy the enviable beach lifestyle that's right on your doorstep. 3 2 bed bath daniel.tavener@raywhite.com dion.zorko@raywhite.com Lot8 4 car Deposit: $60,000 Settlement: 3rd November 2022
59 Nineteenth Ave, Palm Beach IF YOUR FISHING FOR SOMETHING SPECIAL... With a wide frontage onto the golden sandy beach we have this wonderful, versatile home on an ocean access, waterfront block With several Duplexes already in close proximity there may well be the future possibility for Duplex development (Subject to Council Approval). 3 3 bed bath Lot9 2 car Deposit: $100,000 Settlement: 90 Days Laura & Robbie Robinson 0416 167 813 laura robinson@raywhite com
Any person intending to bid must register before making a bid, and upon making a bid the bidder must clearly display the bidder number assigned to them by the auctioneer as bids will only be accepted from registered bidders
10. The conditions then to apply are as contained in the Real Estate Institute’s copyright form of Contract and Terms of Contract for Houses and Land Eleventh Edition, Units and Townhouses Seventh edition, and/or any other contract of sale that has been on display prior to auction Clause 3, the finance clause, does not apply and Clause 4, the Building or Buyers Inspection Clause does not apply All bidders at this Auction and, more particularly, the successful bidder shall be deemed to have been given, and to have read and acknowledged the 'Contract Warning' and the 'Disclosure Statement' under the Body Corporate and Community Management act 1997 which are annexed to the contract of sale by virtue of the fact that they have been on display prior to this Auction
F O R R E A L P R O P E R T Y O F Q U E E N S L A N D C O N D I T I O N S O F S A L E B Y P U B L I C A U C T I O N
7. The right to bid by or on behalf of the Seller is expressly reserved 8 The Seller and the Buyer agree to do all necessary acts and to sign all documents and papers for the purpose of transferring the property to the Buyer They also appoint the Auctioneer as their Agent and grant him an irrevocable authority to sign all documents and papers necessary to form the agreement for sale and purchase of the property 9. A bidder shall be deemed to be acting on their own behalf unless, prior to bidding he/she has given the Auctioneer a copy of a written authority to bid for, or on behalf of, another person
2. The highest approved bidder shall be the Buyer subject to the Seller's approval and the reserve price, if any 3 The Auctioneer may at his discretion refuse to accept any bid from any person, and no bid if accepted may be retracted without the consent of the Auctioneer No bidder shall advance a less sum or percentage at any bidding than the Auctioneer is willing to accept 4. A bid shall be deemed to be accepted unless the Auctioneer forthwith after it has been made declares his non acceptance or dissent
5. If any dispute or difference shall arise as to the highest bidder the Auctioneer may reopen the bidding and resubmit the property commencing with the highest amount previously bid for the same or he may decide on the highest bidder in such other manner as he in his absolute discretion shall deem fit and his decision shall be final 6 Immediately upon the fall of the hammer the bidder of the highest bid accepted shall sign these conditions of sale and purchase and forthwith pay the deposit required and shall thereupon be deemed to be the Buyer, otherwise the property may be resubmitted at his or her risk and expense or submitted afresh to Public Auction as if the property had never before been submitted
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N.B: IN ACCORDANCE WITH THE TERMS OF AUCTION NO COOLING OFF PERIOD WILL APPLY The auctioneer may, at his/her discretion during the in room auctions, elect to pause an auction and continue in the order All auctions will be re opened to the public and either sold or passed in, prior to the closing of the auctions
KELLIE TWIDALE Maximise your investment returns! Kellie looks after our leasing and new business ensuring our clients enjoy a smooth and seamless transition Her drive for success helps to ensure that each of our landlords receive the experience and commitment they deserve 0439 646 574 rentals tugun@raywhite com NEW BUSINESS DEVELOPMENT MANAGER MEET GAVIN CROFT Joining the Ray White QLD team in 2021 in his role as Chief Auctioneer, Gavin principally works in the Auction Arena for Ray Whites network of offices throughout the state The award winning Auctioneer & trainer is known for consistently achieving a clearance rate well above the industry average. RAY WHITE QUEENSLAND CHIEF MEET CONNOR SUMMERS Buy your new home sooner Getting on the property ladder doesn't have to be daunting at the same time we can provide you with important information on the suburbs and properties your interested in, our Loan Market Broker Connor can help you secure the right finance for your dream home 0416 838 673 connor,summers@loanmarket com au CLIENT ADVISOR AT LOAN MARKET GC MEET
TUGUN OFFICE ELANORA OFFICE 423 Golden Four Drive, Tugun 07 5598 2577 Shop 10, 19th Avenue Shopping Village, Elanora 07 5576 1011 RWTE ONLINE THANK YOU FOR JOINING OUR
