{"id":6046,"date":"2017-09-02T03:18:15","date_gmt":"2017-09-02T03:18:15","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/preparing-for-auction-day\/"},"modified":"2017-09-02T03:18:15","modified_gmt":"2017-09-02T03:18:15","slug":"preparing-for-auction-day","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/preparing-for-auction-day\/","title":{"rendered":"Preparing for auction day"},"content":{"rendered":"

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Unlike private sales that enable buyers to add conditions to a contract, auctions require every buyer to conduct their due diligence before <\/em>bidding at auction. <\/span><\/strong><\/p>\n

Buyers must ensure that any pre-auction variations to the contract (including payment terms and deposit size) are agreed to prior to the auction and within a solicitor\u2019s office time frame. <\/span><\/p>\n

There is little point in asking the agent for a contract variation or acceptance of a 5 per cent deposit at 4.30pm on a Friday afternoon before auction. It\u2019s likely that most solicitors will either say no, or you won\u2019t be able to track them down, meaning the variation requests will be unacceptable.<\/span><\/p>\n

Deposits outside of standard settlement dates, conditions which are either added or struck, and payment types other than cheques, all need to be cross-checked and approved well before the auction day.<\/span><\/p>\n

Only once the due diligence is completed is a buyer ready to bid. The likely selling price is an essential consideration and setting a reasonable and competitive limit is the challenge. Drawing on the comparable sales analysis findings will help in setting a sensible limit.<\/span><\/p>\n

Buyers know that a rising market requires a competitive stretch, but being mindful of risk and overpayment is important. Asking the agents about the level of competing buyer interest can offer<\/a> vital insight that most buyers miss simply by not asking the right questions. <\/span><\/p>\n

Some prompts include understanding the number of buyers who have requested contracts, conducted building inspections or even just the number of groups who have inspected the property.<\/span><\/p>\n

\"Auction:<\/p>\n

It pays to be well prepared for auction day. Picture: Mark Dadswell<\/p>\n<\/div>\n

Be prepared\u2026here\u2019s a handy checklist:<\/h2>\n