“THE property market is beginning to see growth and movement making this a favourable time to upgrade or buy your first home in 2013, before prices start to climb again,” said High Street Auctions joint managing director, James Dall.
“High Street Auctions is an ideal platform for both experienced and inexperienced property buyers and sellers as we pride ourselves on being property experts who guide our clients through the process,” said Dall.
Tips for buying property on auction:
1. Do your homework
Request an investor’s pack before the auction for essential information on your chosen property.
2. View the property
Schedule a site inspection to see the property first hand and ask any relevant questions.
3. Remember the “voetstoots” clause
Under this clause you agree to buy the property with whatever defects it may have at the time of sale. Know what you are getting into before you get into it.
4. Make sure your finance is in place
Decide on the highest price you are willing to pay, build in extra for fees and commissions, and then make sure you have the funds available at the time of going to auction. Plan ahead if you need to bond the property.
5. Prove who you are.
Provide your bar-coded ID, proof of residence and, in the case of property purchased in the name of a company or trust, a resolution by the members, directors or trustees giving signing powers to the bidder. Make sure you are FICA registered.
6. Put emotions aside when you bid
Remember, auction sales are final: don’t go over the price you can afford no matter how badly you want the property.
