Buying at Auction? My 3 Tips For Success
I’m not an Auction agent. This just means that I don’t sell every home via Auction because often, it’s not the right choice for the type of property we are selling, or the owners are not keen to go through the stress of that process because of a previous experience. However, I know a lot about Auctions and I have helped many buyers to purchase their dream home through the following strategies.
1. Make sure you have seen the property often enough to make a decision on price. At lease 48 hours before the Auction, sit down with all the decision makers in the purchase and decide on a price based on the information of other sales in the local area and how much you are happy to pay for this particular property, along with how much you are sure you are unconditionally approved for from your bank.
2. Play out the scenarios of what may happen at the Auction. Often you’ll need someone who is experienced and has attended or bid at Auction before. Consider where it might start and end and consider what the agent has told you so far and know that the other potential buyers will have had the same information given to them and will be considering their offer armed with the same information. Will you be the first to bid? Will you sit back and wait until it feels that others are tapped out and then enter your bid?
3. Just because you may not be the winning bidder doesn’t mean you can’t be the new owner of that property. If the Auction passes in (which is about half the time or more in Brisbane) then you should have another opportunity to negotiation through the agent with or without Auction conditions.
Property sold under the hammer is an emotional way to buy and it can really pull you in so many directions. Making sure you go to the Auction with a clear head and some expert advice on what to expect can make your experience a positive one – even if you don’t secure the property. You can always use it as a learning experience so that you’re ready to pounce on the next opportunity and secure it with your newfound skills in bidding at Auction! If you would like to talk through bidding at Auction, even though I wouldn’t be the sales agent, please give me a call as I’d love to help! Kath 0458 912 906