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Tips on how to buy a property at auction
Auctions can be a daunting process, if you do a little research and get to know the property, it can actually be very easy. Here are some tips on what you can do:
Find similar properties that are being sold in the area that you would like to buy in. Look at things like land size, location, the condition of the property and parking availability. Attending auctions for similar homes in the area will give you a good idea on the demand and also the price. Watch the people who are bidding and how they are bidding. Visit the local council and make inquiries about the area so that you are informed of any issues that may affect your decision to purchase.
2. Get a pre-approved loan
Get qualified for a mortgage from a bank or lender so you know how much buying power you have. This is very important as you want to make sure that you are researching properties within your realm.
3. Outsource help
Speak to agents in the area and get them to show you properties that are within your budget. Find a suitable property conveyancer who will give you advice on the contract of sale.
Decide what your maximum bidding budget is and make sure you stick to it.
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Meet Liza Freitas - Your Property Specialist
Liza Freitas, Managing Director of Exclusive Property Group, has extensive experience in property, specifically in residential property sales and property management.
Liza began her career working alongside some of Sydney’s leading property agents. And it is this unique mentoring, from successful and well known property specialists, that helped enhance Liza’s professional instincts and facilitated the development of her extensive knowledge and understanding of the property market.