Interested in buying a property that’s been sold via a timed auction or timed sale? It’s not as complicated as it looks. Here’s what you need to know.
A timed auction or timed sale is run completely online and to a deadline. A timed auction is overseen by an auctioneer and is unconditional and binding. A timed sale is similar to a private treaty campaign – it’s a conditional sale, overseen by an agent and includes a cooling off period. Both are transparent, trustworthy and secure.
If it’s a timed auction and the reserve has been met, then yes. A timed auction is run as a standard auction and follows the same legal protocol as one.
A timed sale is a conditional sale with a deadline. At the end of that deadline, it’s still at their discretion who to sell to. Their choice could be influenced by the conditions attached to your offer. For example, the settlement periods, reduced deposits or similar considerations.
You’ll be expected to sign the contract and pay your deposit as soon as practical after the sale is completed. The agent will contact you and talk you through the process.
The most important thing to do before a timed auction or timed sale is to ensure your finances are ready and to do your due diligence beforehand, just like any other sale. You must also be familiar with the terms and conditions of that particular sale or auction too.
If it’s a timed auction and the reserve has been met, then yes. A timed auction is run as a standard auction and follows the same legal protocol as one.
A timed sale is a conditional sale with a deadline. At the end of that deadline, it’s still at their discretion who to sell to. Their choice could be influenced by the conditions attached to your offer. For example, the settlement periods, reduced deposits or similar considerations.
You’ll be expected to sign the contract and pay your deposit as soon as practical after the sale is completed. The agent will contact you and talk you through the process.
The most important thing to do before a timed auction or timed sale is to ensure your finances are ready and to do your due diligence beforehand, just like any other sale. You must also be familiar with the terms and conditions of that particular sale or auction too.
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