Auction preparation needs to be completed before bidding, because the successful bid carries an immediate commitment.
Confirm finance and due diligence
Set a budget including buying costs and a buffer. Pre-approval is conditional; confirm lender requirements for the actual property. Have the contract reviewed and arrange appropriate building, pest or strata checks.
Understand the rules
Register to bid and obtain written authority if bidding for someone else. NSW auction purchases have no cooling-off period, and the same applies to exchange on auction day after a pass-in. Agree any contract changes beforehand through your legal representative. Stick to a researched limit rather than bidding simply to win.
