Buying at Auction

There is no “cooling off” period should you change your mind

You must normally pay the full deposit immediately if you are the successful bidder

All reports and inspections on the property must be done before bidding, with no guarantee of a successful bid

You are unaware of the reserve price (i.e. the minimum amount the seller will accept) until that amount has been reached

Competition from bidders could inflate the price

The offer at auction is subject to the vendor’s contract terms