Since the Coronavirus outbreak, online auctions have been growing in popularity as a safer property purchasing method. Apart from being positively adopted by many potential homeowners, it has reduced the risks related to face-to-face auctions.
Online auction is a method that has been adopted in the real estate market in South Australia because it enables buyers to buy properties with ease and speed. Additionally, they take care of all the transactions related to buying and selling of the property. Online property auctioning does not involve just bidding. There are essential things that you need to familiarize yourself with. If you are planning to purchase your dream property, here are crucial things that you need to know.
Conduct market research
Before settling for that beautiful property, do your research thoroughly to avoid making mistakes. Many things are required to be researched. First, go through all the documents provided by the seller.
Seek advice from an attorney or a real estate agent because they are more knowledgeable. Lastly, research on the resale value and the amount the borrower owes the mortgage. In case you are the winning bidder, make sure that you clear the liens.
Get your finances ready
Being the highest bidder is what everyone wants in the event of bidding. It is essential to get your money ready as soon as the hammer goes down. This is because you are legally required to purchase the property as the highest bidder.
Similarly, before the auction, prepare the following documents:
● Entity Documents are only applicable if you are bidding under the name of a company.
● Proof of funds which in most cases are not provided by online auction sites.
● An earnest money deposit which in most cases is usually 5% of the total buying price.
Register for the auction
Nowadays, most real estate online property auctions in South Australia require bidders to register online. The registration is accompanied by paying a certain amount of money as a deposit. This is to ensure that all bidders are serious about the whole auction process.
However, if you don’t emerge as the winning bidder, the money is directly refunded into your account.
Inspect the property
Seeing the picture of your dream property is not enough. To be sure, arrange a virtual meeting to see different parts of the house. Furthermore, make a checklist to help you see if the property meets your standards.
Seek professional help
Finding the best property can be daunting, especially when an online auction is involved. To solve your problems, find professional help from a real estate agent. The agent will assist in looking for the type of property needed, genuine sellers, and advice on the online auction process.
Buying property at an online auction can be a lucrative and fun way of saving a lot of cash. Acquiring property online has become a lot easier on the South Australian market. If you are house hunting, consider the online property auction to help you achieve your dream home.