The main thing to know about buying at auction, as opposed to by private treaty, is that there is no cooling-off period. You have to settle on a property purchased at auction even if it doesn’t pass building or pest inspections, you change your mind or you’re unable to obtain finance. If buying at auction you need to be prepared. Finance should be pre-approved. Arrange inspections, conduct a title search and get a property valuation before the auction. Get a copy of the contract and obtain advice from a lawyer or solicitor.