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Auction is the most transparent way to purchase property, some of the benefits when you choose to buy at Auction include: You may encounter less competition for the property 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 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
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
B U Y I N G A T A U C T I O N
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.
Before the Auction, make sure you: Inspect the property Do all the necessary checks such as a building and pest inspection 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 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
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
C O N T I N U E D . . .
Vendor Bids 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
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 Auction day
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.
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!
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
6 Pinon Close, Elanora SPACIOUS & STYLISH FAMILY SANCTUARY Location, lifestyle and liveability do not get any better than this well designed low maintenance family home in Pinon Place, a sought after beachside address within the in demand southern social suburbs of the Gold Coast. 3 2 2 bed bath car Lot1 Deposit: $50,000 Settlement: 30 Days Alicia Wilkins 0402 630 593 alicia.wilkins@raywhite.com Shane Seghers 0420 301 605 shane.seghers@raywhite.com
Daniel Tavener 0431 837 814 Dion Zorko 0416 516 652 4/5 Clancy Court, Tugun RENOVATED & MOVE IN READY! Privileged with a quiet cul de sac address in the heart of Tugun this beautifully renovated unit is ready for you to move right in! Instructions have been made clear this property must be sold on or before Online Auction 18th August 2022 with all offers considered prior. 2 1 bed bath jdaniel.tavener@raywhite.com dion.zorko@raywhite.com Lot2 1 car SOLD PRIOR TO AUCTION
Daniel Tavener 0431 837 814 Dion Zorko 0416 516 652 15 Correa Court, Elanora LUXE LIVING WITH ELEVATED OCEAN VIEWS Undeniably stylish and superbly functional privileged with a private cul de sac address in an elevated position, this impressive residence is a must to inspect! Online Auction has been scheduled 18th August with all offers considered prior do not miss your opportunity to call this fantastic property home 4 3 bed bath jdaniel.tavener@raywhite.com dion.zorko@raywhite.com Lot3 5 car Deposit: $75,000 Settlement: 60 90 Days
4/496 Coolangatta Road, Tugun CUTEST ONE BEDDER IN TOWN Conveniently located just a short stroll to the white sands and glistening ocean of Tugun beach, only moments away from everything Tugun village has to offer, the location here is simply irresistible. 1 1 bed bath Lot4 Deposit: $30,000 Settlement: 30 Days Alicia Wilkins 0402 630 593 alicia.wilkins@raywhite.com Shane Seghers 0420 301 605 shane.seghers@raywhite.com
Lot5 2 Zinnea Street, Elanora LAST CHANCE TO LOOK! Perfectly positioned on a large, elevated corner block to catch the cooling breezes, this spacious four bedroom home is ideal for the growing family Situated in one of Elanora's most sought after street's this beautiful, well cared for property presents total practicality and complete comfort Deposit: $60,000 Settlement: 60 Days Laura & Robbie Robinson 0416 167 813 laura robinson@raywhite com 4 2 2 bed bath car
1 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
7. The right to bid by or on behalf of the Seller is expressly reserved
2. The highest approved bidder shall be the Buyer subject to the Seller's approval and the reserve price, if any
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
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
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
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
4. A bid shall be deemed to be accepted unless the Auctioneer forthwith after it has been made declares his non acceptance or dissent
N.B: IN ACCORDANCE WITH THE TERMS OF AUCTION NO COOLING OFF PERIOD WILL APPLY
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
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
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
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
JAMES MULHOLLAND Maximise your investment returns! James looks after our leasing nd new business ensuring our clients enjoy a smooth and seamless transition His drive for success helps to ensure that each of our landlords receive the experience and commitment they deserve 0431 307 129 james mulholland@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
