When making decisions about buying your new property, you’ll also need to consider buying at an auction versus buying at a private sale.
If you find a home you love and it’s going to be sold at auction, the first thing to do is try to establish the potential selling price. Keep in mind that the sale price can be higher than what the marketing says.
You can get an idea from advertisements of other properties for sale in the area, or from real estate agents’ listing of recent sales.
Check before you bid. Before you bid at auction, it’s important that you’ve completed any necessary inspections and searches. Once your bid is accepted, you’re obliged to purchase the property – there is no “cooling off” period.
When buying privately, there are two types of private sale – either through an agent or directly from the seller. In either instance, you make an offer but until contracts are exchanged, the owner can sell to someone else.
Visit the BankSA website to find out more about each method of sale, or better still, talk to us about buying a home and to talk about your options.
Our home loan experts are available on 13 13 76 or you call into a BankSA branch.
Make your contribution to independent news
A donation of any size to InDaily goes directly to helping our journalists uncover the facts. South Australia needs more than one voice to guide it forward, and we’d truly appreciate your contribution. Please click below to donate to InDaily.