Bidding at property auctions requires certain skills and strategy. It is best that buyers come prepared and armed with a plan to help them succeed in buying their dream home. Here are some tips you can use to prepare and successfully bid at a property auction.
Do your research: Before taking part in an auction where you intend to purchase a property, make sure that you do your research first. Experts recommend to attend as many auctions as possible, learn about the local market and analyse recent property sales. These steps will be helpful in knowing the sold prices in your preferred area.
Review the contract: Properties put on auction can be sold prior to the big day. As such, it is possible to negotiate with the real estate agent if you are truly interested in that property. Make sure to thoroughly read the contract of sale and ask all your questions ahead of the auction day.
Know your budget: Be sure to set a pre-determined limit on your bidding and stick to it! This should be done while you are still calm and can decide on a realistic amount.
Stand in front: The best position when attending an auction is to stand in front. This way, you have a good view of the bidders and the auctioneer and you are letting them know that you are prepared and confident.
Give a strong bid: As soon as the auction starts, get involved right away. You can give the first bid and make it a strong bid. This will establish your presence and exert your influence during the course of the auction. Call out your bid clearly and with confidence so other bidders know that you are serious and willing to pay the right price.
Team up with a Buyer's Advocate: If you find the whole notion of an auction too daunting, or you are afraid you may not stick to your budget limits, it's best that you find a professional Buyer's Agent to bid on your behalf and take the stress out of the whole process.
There are more tips on successfully bidding at auction on our blog: Tips for Preparing for and Bidding at Auction - Part two
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