Your essential auction preparation guide
Discover essential tips for preparing for a property auction, from securing finances and insurance to evaluating the property's condition and legal documents. This guide ensures you're ready to bid with confidence.
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Your essential auction preparation guide Bidding at a property auction can be both exciting and daunting, especially if you're new to the process. To help demystify the experience and prepare you for success, we've put together a comprehensive guide covering the key steps you need to take before raising your hand. 🏦 Confirm your finances The first step towards auction success is ensuring your financial ducks are in a row. This means securing an unconditional loan approval from your lender. You might need to provide additional documentation, such as the auction agreement (Particulars and Conditions of Sale) and any relevant earthquake repair documentation, to obtain this approval. Start this process early to avoid any last-minute hiccups.
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☂️Secure insurance cover Securing insurance cover is also a prerequisite for obtaining finance. Many buyers have had positive experiences with AA Insurance thanks to their straightforward process. You can contact them on 0800 500 23. It's advisable to explore your options and secure insurance early on. I also recommend using the Cordell sum insured calculator to help with your sum insured. Cordell sum insured calculator 👷Evaluate the property's condition Purchasing at auction means you accept the property as you find it, so you need to be completely satisfied with the condition of the property prior to bidding. While our vendors have supplied a building inspection report in good faith, it’s highly recommended you seek your own advice for complete peace of mind. This may range from having a building professional review the report and offer advice, to obtaining your own report.
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