Anyone who’s watched The Block knows that auctions can be high-stress, high-adrenaline environments, as you’ll be bidding against other people to get the house you want. In an auction, the winner takes it all, with the highest offer nailing the sale, as long as the seller’s reserve is met.
If you decide to bid at an auction your offer will be unconditional, which means if you win the auction you’re legally bound to buy the house. There’s no backing out, so you need to make sure you’ve done your homework and you've got your unconditional finance sorted before auction day. You'll need a deposit ready to pay on the day if you’re successful.
You also need to get a builder's report and LIM report.