Hey everyone, hope you're all well.
I have a few questions and would appreciate any advice as well.
I have been looking at apartments for my PPOR, in St Kilda, Vic. Most of these properties are going to auction.
A few things I have noticed from the inspections I have attended.
- Rarely does the realtor have information on strata fees / council rates / or what the place is currently rented for. For the most part they just seem to estimate these figures or say they will get back to you.
- Non of the properties have had the section 32 or contract of sale available. They all seem to delay this till as close to auction day as possible. Is there a strategy behind this? I imagine there must be a reason for this, I just can't think why.
I am genuinely interested in one property in particular. It is listed well below what it should sell for, but I assume they just want to get as much attention as possible.
I would like to make an offer pre-auction. But from what I have heard the vendor is pretty keen to take the property to auction (unless that's just another strategy on the agents behalf?).
I'm not sure what sort of ball park to make an offer in and was planning to just ask the agent what he thinks the vendor would consider, then offer a little less if it's within my budget.
I don't have much knowledge on the auction process.
Is there still a 3 day cooling off period on bids made at auction?
Can you still add a finance and building/pest inspection clause, or does all of this need to be sorted pre-auction?
At what stage do I have a solicitor/conveyancer look over the contract?? Wouldn't that be something to have done prior to the auction?
Sorry for all the questions. I haven't been through an auction before, so this is all a bit new for me.
Any help would be greatly appreciated.
You guys/girls rock, thanks!
I have a few questions and would appreciate any advice as well.
I have been looking at apartments for my PPOR, in St Kilda, Vic. Most of these properties are going to auction.
A few things I have noticed from the inspections I have attended.
- Rarely does the realtor have information on strata fees / council rates / or what the place is currently rented for. For the most part they just seem to estimate these figures or say they will get back to you.
- Non of the properties have had the section 32 or contract of sale available. They all seem to delay this till as close to auction day as possible. Is there a strategy behind this? I imagine there must be a reason for this, I just can't think why.
I am genuinely interested in one property in particular. It is listed well below what it should sell for, but I assume they just want to get as much attention as possible.
I would like to make an offer pre-auction. But from what I have heard the vendor is pretty keen to take the property to auction (unless that's just another strategy on the agents behalf?).
I'm not sure what sort of ball park to make an offer in and was planning to just ask the agent what he thinks the vendor would consider, then offer a little less if it's within my budget.
I don't have much knowledge on the auction process.
Is there still a 3 day cooling off period on bids made at auction?
Can you still add a finance and building/pest inspection clause, or does all of this need to be sorted pre-auction?
At what stage do I have a solicitor/conveyancer look over the contract?? Wouldn't that be something to have done prior to the auction?
Sorry for all the questions. I haven't been through an auction before, so this is all a bit new for me.
Any help would be greatly appreciated.
You guys/girls rock, thanks!