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1. If you win you go inside sign contracts and hand over deposit or whatever arrangements had been made prior and you will leave with a legally bound signed copy of the contract of sale. They may get you or the vendor to place the sold sticker up, if you really want to do this ask them during...

Everything seem right, only thing I would add to this is get a licensed valuation done. Cause banks will typically lend 80% of what they value the property, which could expose you to pay a larger amount. e.g. You are bidding on a house and win it for $600,000 but the bank values the house...