Last: be sure it's the property you truly want
There's no cooling off period when you buy at auction, so if you win the auction, you are obliged to purchase the property off the vendor.
You'd want to ensure that you have completed pest and building inspections before the auction if you intend to buy. And you can't make the contract subject to conditions, it's as it is at the day of sale. So be sure you have home loan pre approval before bidding at an auction.
We won an auction conducted by a real estate firm to purchase a house. However we refused to sign the contract and were threatened for breech of contract when we never sign anything at all. Can we forget the whole thing or are there repercussions. Our objection was that we didn’t think the auction was fair as the real estate agent who was selling the house was bidding on our behalf asd he thought he had an understanding that he could represent us
Hi Roger,
Thanks for your question.
You may want to get legal advice on this matter, but if you haven’t signed a contract then you really can’t breach anything. You might also want to take a look at cooling-off periods for more information, which may apply, and understanding property contracts.
Thanks,
Elizabeth
Regarding not signing the contract after winning the auction to buy a house I found out that because it was an auction there is no cooling off period. The agent demanded that we sign the contract and we refused. That is when he said that under NSW law the auctioneer can sign on our behalf even though we refused to sign. We just walked away but I expect to hear more from him. We maintain the auction was unfair and we were pressured into buying with the estate agent selling the house actually bidding on our behalf as he said he thought we had given him authority to do so
Hi Roger,
Thanks for clarifying that. As I mentioned, seeking legal advice may be the best course of action in this scenario especially if the agent is citing NSW law as a reason to hold you to the contract.
Thanks,
Elizabeth
Which bank has the cheapest interest rate?
Thank you
Hi Angie,
Thanks for the question.
There is an article that carries out a comparison of home loans which you can order by interest rate. Simply sort the table out on that page to show the lower interest rates first, to give you an idea of what rates are available.
I hope this helps,
Marc.