Anyone participated in an house auction?

Question by Pennylane: Anyone participated in an house auction?

In Australia, there is no cooling off period in an auction for a home, but when do you get a chance to do a building or pest inspection or back out if there is something wrong with the place? Do you do it before the auction? What is the buying process for an auction?

Best answer:

Answer by Ranger4402:

I don’t know about Australia. But in America if you buy a home at auction then you usually don’t get to complete any inspections. You buy it As Is. You also have to have cash on the barrel when you close. So you have to have your financing in order and ready to roll if you are the highest bidder.

If you are allowed to do an inspection before the auction and you find problems with the dwelling that you don’t want then you don’t have to bid.

Question by Krizza K: How much does a building and pest inspection cost? ?

Hi there,

I am buying a house, and I need to arrange a building and pest inspection to take place, but I am wondering (on average) how much it costs to get one? Should i go for a company that does both inspections, or should i book 2 independent companies – one for building, then one for pest?

I live in Queensland, Australia.

Thanks for your help in advance

Best answer:

Answer by Mom of 2 great boys:

Here in the United States, it is better to have two separate companies to do your inspection. One for the structure of the home and the other on pests.

This is because each company has their own specialty.

2 thoughts on “Anyone participated in an house auction?

  1. When you buy at auction on a non-foreclosure all the due diligence work is done before the auction and should be available for all bidders to examine before the auction. Typically the auctioneer doesn’t share the appraisal before the auction as to allow the bidders to determine it themselves.
    Typically the winning bidder is required to pay 10% on the day of the auction and required to pay the balance within 30 days. The terms of the auction are usually posted or available upon request

  2. Make sure you get a termite inspection as well as they aren’t usually included with pest inspection. we got a termite inspection done in 2007 and it was about $ 100ish I think. Not sure how much those particular inspections cost as we bought off partners parents

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