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You lose your deposit PLUS you can be up for the difference in sale price if it gets sold for less to the next buyer, plus you pay for the sale costs. On a $1M home you could be up for multiple $100,000s of dollars. You really, really have to have your ducks in a row. I sold a house by auction...

In NSW there are no auctioneer fees paid by the buyer, it's part of the agent's commission paid by the seller. The only costs that you have are the pest and building inspections that you get done before auction day. Auction sales are unconditional, so you cannot win at auction and then try to...