What you may not know about property auctions

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Let’s take a few minutes to think about property auctions. They’re a daunting experience for any buyer – not to mention the seller! An auction is advertised as a ‘fair and transparent’ way to sell real estate, and vendors are told it’s the best way to achieve the ‘highest possible price’. However here are a few facts you may not have considered;

Is it really sold?

  • The real estate agent shouting SOLD loudly in your direction, and masterfully thrashing the contract in his hand, does not equate to a successful deal. At this point the buyer has offered nothing but a ‘verbal promise’. Until the purchaser and vendor have signed the contract, the property is not officially ‘sold.’

Click here for the rest of the article (Source: Home Buyer Show Website)

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