How does financing work at a real estate auction?

When purchasing a property at a real estate auction, it is essential to have your financing arranged before placing a bid.

A bid submitted at a real estate auction is generally legally binding and, in most cases, cannot be amended or withdrawn. In addition, conditional clauses, such as a financing contingency, are typically not permitted. It is therefore important to ensure that you know how you will finance the purchase before bidding.

The payment deadline varies from one auction to another and is specified in the auction terms and conditions and the cost overview. For many auctions, the full purchase price must be paid within four to six weeks after the property has been awarded. Please take this into account when arranging your financing to ensure the funds are available in time.

If you have not yet arranged financing or would like to explore your options, please contact us. We can put you in touch with a financing specialist who can advise you on the financing options available for your purchase.