6 Tips for buyers getting ready to buy at Auction in Canberra

Auctions can be a great way to buy your dream home but it can also be an intimidating process. In order to be successful, buyers need to be prepared, confident and knowledgeable. As your local Canberra mortgage brokers, we want to make the process of buying a home at auction stress free as possible. Here are our 6 tips to help buyers get ready to buy at auction in Canberra:

1. Get pre-approved for a loan: One of the most important steps in preparing to buy at auction is getting pre-approved for a loan. This will give you a good understanding of your budget and the amount you can afford to bid on a property. Pre-approval from a mortgage broker in Canberra will also make you a more attractive bidder to the seller.
2. Do you research: Before bidding at an auction, it is important to do your own research on the property and the suburb. Make sure you have looked at recent sales in the area to determine the market value of the property. One of the services our mortgage brokers provide is to provide you with a property report when you are going to an auction if you would like one.
3. Attend open homes and do a thorough inspection: Attending open homes is a great way to get a feel for the property. This is also a great opportunity to do a thorough inspection to make sure all appliances are working and you are happy with everything at the property. It is important to do this inspection prior to the auction
4. Plan your strategy: Once you have done your research, it is important to plan your bidding strategy. Decide how much you are willing to bid on the property and if you are willing to go over that budget if you are close to purchasing the property at auction. The goal is to win the auction while staying within this limit
5. Get a conveyancer to review the contract: Once you sign the contracts at auction, it becomes a legally binding contract. It is vital to get a solicitor to review the contracts prior to the auction to make sure you are comfortable with the contract. We can recommend some great conveyancers in Canberra if you do not have a conveyancer.
6. Work with a Loan Market Canberra mortgage broker: Working with a Canberra mortgage broker can a valuable resource when preparing to buy at auction. A mortgage broker can assist you with understanding the loan process, give you advice on bidding strategies and help you organise your pre-approval so you can buy your dream home.

In conclusion, buying at auction is a great way to secure your dream home, but it requires preparation and knowledge. By following these 6 tips, buyers can be confident and ready to win their dream home at auction. Contact your local Loan Market mortgage broker today for more information and to get started on your pre-approval today.