How to pay at the end of the auction in Melbourne

Hi there

What is the generally accepted system of payment once the bid is accepted at the auction ?

I don't have a cheque book, so am I expected to do a wire transfer immediately or how does it work ?

Also in case of few bidders, do vendors agree to have the subject To inspection clause inserted ?

Has any member been able to get the clause accepted in Melbourne recently ?

Cheers

 

Get a counter cheque to use on the day.
Get a bank cheque for 10% of your max bid limit.
Pre-arrange with the agent to do internet banking transfer (make sure your limit is high enough).

Auctions are unconditional - so no "subject to" clauses.

 

It's been discussed quite a bit recently.

Paying 10% deposit by bank cheque at an auction?

 

Thanks
Will talk to the agent and finalise that will do a wire transfer
The transfer will go to the agent escrow account ?
Any thing I should be careful about ?

Any idea about the subject to inspection clause acceptance before the auction?

Cheers

 

I've transferred funds to agents trust account prior to auction. Was never successful bidder as I was looking for a deal on deve sites that were going way over market. Agent would then wire funds back to me post auction. Too easy. For added complexity I was bidding on phone from Sydney.

 

Subject to 'Building and Pest' inspection is a condition you put in when you make an offer on a property before it goes to auction and even then the vendor can reject such a clause. On auction day it is unconditional, you sign the contract and buy the property as is.

If the auction is this weekend then it is too late to arrange an inspection however, if you've still got time then arrange one as soon as possible.

Good luck.

 

In Melbourne agents will normally accept EFT of a small amount (eg $5k) on the day and the rest EFTd on the Monday. Ask them a few days before the auction and be clear on acceptable procedures.

 

100% agree.