Auction day checklist

1. 01 Section 32 and contract reviewed Both read by you and your conveyancer before the day, since there is no walking it back after. Don't skip: Bidding on a property whose documents nobody has checked.
2. 02 Finance confirmed Unconditional pre-approval in place, and you know the amount, because auction contracts are not subject to finance. Don't skip: A conditional approval, or no approval, on auction day.
3. 03 Deposit ready Usually 10% of the price, with the payment method (bank cheque or transfer) arranged. Don't skip: No plan for paying the deposit the moment the hammer falls.
4. 04 Building and pest done Inspections completed before the day, as there is no second chance afterwards. Don't skip: Skipping inspections to save time before an auction.
5. 05 Your limit set A firm walk-away number, decided calmly in advance and written down. Don't skip: No fixed limit, leaving the number to auction-day adrenaline.
6. 06 Registered to bid Victorian auctions require bidders to register; bring the ID you need. Don't skip: Turning up unregistered and unable to bid.
7. 07 Bidder's guide read You understand how the auction runs and the rules that apply. Don't skip: Not knowing when a property is on the market.
8. 08 Someone to bid You, or an authorised person or buyer's advocate acting for you. Don't skip: No clear plan for who bids and how high.
9. 09 Contract details checked Names, settlement period, and any special conditions are as you expect before you bid. Don't skip: A settlement term that does not suit your finance.
10. 10 Know the rules on vendor bids The auctioneer may make disclosed vendor bids; undisclosed dummy bidding is illegal. Don't skip: Being pushed up by bids you cannot see the source of.
11. 11 Payment on hand Your deposit means (cheque or ready transfer) is with you at the auction. Don't skip: Winning with no way to pay the deposit on the spot.
12. 12 A plan if you miss out Know your next move if you are outbid, so the day does not push you past your limit. Don't skip: Chasing the price up because you have no alternative in mind.

General information only. This checklist is a guide to preparing for a Victorian auction. It is not legal or financial advice and does not replace a licensed conveyancer or your lender.