Buying a property at auction is a firm purchase. This means that you can’t negotiate a different price based on an inspection afterwards. When you buy a house at auction, you are expected to sign the contract and pay the deposit immediately after the auction.
Once you get to this point, the contract cannot be subject to any conditions.
The best time to have an inspection completed is as soon as you become interested in the property.
Even if you think you might not buy it, it is far better for you to bid when you are fully informed. Once the auction begins, it’s much too late.
Discovering problems after auction is common. One person came to us after buying a property at auction, when his tenants started to flag problems. He ended up having to spend more than $70,000 extra just to fix the problems we found.
Download the case study to learn about what happened to Jack after the auction.
If you are seriously considering the property, inspect now.
Remember, auctions have no cooling off period. Once you win, the property (and any of its problems) are yours.
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