3 THINGS YOU SHOULD KNOW ABOUT CANBERRA PROPERTY AUCTIONS

It has been said and done but it is best to be reminded once more: exercise caution at property auctions. Do your research and enlist the assistance of a trusted buyers agent in Canberra. When you buy a house through a property auction, you get to enjoy certain benefits. For one, you may be able to purchase properties that would have been difficult to purchase in a different arrangement. Here are 5 things you might want to know about Canberra property auctions for future guidance.

1) Possibility of Illegal Settler

Note that once the bank hands you the property papers, you become its official owner and will have to comply with obligations attached to it. In the event of unauthorised dwellers, you will solely be responsible for evicting them. There are cases when the previous property owner of the property leased their home and the tenants, even after receiving sufficient time or a grace period, refused to vacate the property. Be weary of this and be prepared to shoulder responsibilities of the property you acquired at Canberra property auctions.

2) Failed Auctions are Not Final

Some property auctions organised by reputable banks or brokers may not gain enough interest from home buyers. Despite the best efforts of mortgage firms, some debt-ridden homeowners could not sell their properties successfully and after several auctions, not a single interested buyer shows up. But note that just because the auction has already ended without a property sale, that does not mean you can no longer buy a property that a bank sells at a property auction. If interested in a property sold by the bank, simply approach the right personnel and inform them of your intention to buy property for sale in Canberra. However, the bank has the prerogative to approve or decline the sale.

3) Re-Claiming a Property

Can a property already sold be re-claimed in the future? Once a deed of sale is issued, the banks no longer take an interest in the sold mortgaged property. The home buyer will receive the title of their purchased property for sale. This effectively dissolves the security interest claims of the creditor once the buyer receives the certificate validating her property purchase.

WHY A CANBERRA PROPERTY AUCTION?

If you need more affordable home choices without going out of budget, participating in Canberra property auctions provides a win-win solution. With the help of an independent buyers advocate, you can successfully navigate through various auctions until you land the home of your dreams. For more information about property purchasing or buying a house in Canberra, ACT, feel free to click on this link: https://www.canberrapropertysolutions.com.au/why/.