Offer prior to auction?
If there is a set date for the auction I advise clients to simply bid on the day rather than make offers prior because:
- You do show your cards early, the agent is only too happy to find out from you how much you’d pay, then use that against you on auction day
- The vendor has to take the property off the market while they wait for your subject to finance clause to run its course which does spoil their auction campaign
- Your offer would have to be much higher than they could hope to get at auction to be accepted and of course, you’d rather that wasn’t the case!
If the auction is soon I highly doubt they will accept any conditions attached to your offer.
Marc has been a professional lender for 28 years. After beginning his career in 1990 with a UK Building Society, he moved to Australia where he held several different retail banking roles. In 1999 it became clear to him that a mortgage broker would eventually become an obvious choice for someone looking for a home loan so he took the plunge and became an independent broker. He hasn’t looked back since!