Take a sneak peak
Most auction houses have a viewing date before an auction. Go along and inspect the property carefully. Ask questions as the auctioneer should tell you all the details beforehand.

Don’t get duped
Make sure that the auctioneers are all trained and qualified, so you know that they are reputable. They should be members of the South African Institute of Auctioneers and the South African Estate Agency Affairs Board.

What’s your price?
As a buyer you also have to have your finances arranged before the actual auction so you will know exactly what you can afford. Determine a price before, and remember to stick to what you can afford.

You can get a bond for an auction sale. However you need to be careful, as if you bid at an auction and consent to buy — then cannot get a bond — you will still be liable for purchase of the property.

On what conditions?
When you register at the auction, ask for a copy of the conditions of sale and thoroughly inspect them, and ask any questions you have before the sale.

Keep in mind that you are legally bound by your bid. If you go into breach of contract or fail to fulfill any of your obligations in terms of the conditions of sale, the seller will take legal action against you. If this happens, all monies already paid by you to the auctioneer and or seller will be taken as damages.

Unforeseen expenses
Remember that commission and taxes may be payable over and above the price you bid. Find out the policies of the auction house, as they will give you general information on the auction, such as whether there will be a buyers premium (the amount added to the purchase by the auctioneer) added to the final price.