Has anyone here bought at auction? The house next door to us is for sale and I think it will go for a song, I am tempted to buy it just for the land but have limited time to get organised, what is the process, do you need to get a contract to show a solicitor before hand, what is the deposit, when do you pay it, settlement time etc.
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14-07-2012 20:36 #1
Buying at auction
14-07-2012 20:49 #2Senior Member
- Join Date
- Feb 2010
Yes it's best to show your solicitor the contract. In the contract it will say what the deposit will be and the amount of time for settlement. There could also be some hidden extras in a contract. So I highly recommend showing a solicitor. Depends what state your in too. In NSW it is generally 10% deposit with 6 weeks settlement. Deposit to be made at close of auction.
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