How to Bid at an Auction

Bidding at a property auction is not as simple as yelling out your price. If you are planning on bidding at an auction in the near future, best to get some tips from the following video.

First of all, identify your maximum price. This means using all your research, as well as factoring in your own budget to establish a walkaway price. In the heat of battle at auction, however, you need to make sure you stick to it. Remember to bid high, bid strongly, and don’t shy away from bidding first. This will identify you to other bidders as a serious contender.

Have your finances already in place. Don’t speculate on potential funds you might have in the future. You want to be able to bid with confidence on the day. And don’t forget to bring your chequebook to provide a deposit.

In order to gain an insight into the auction atmosphere, attend other auctions beforehand to gain experience. This is particularly useful for new homebuyers.

Make sure you request any contract changes prior to the auction date. This might include long settlement periods or deposit terms and need to be agreed to in writing before the time of auction.

Arrive early to give yourself plenty of time to register, find a good spot and size up the competition. The most important tip for buyers, however, is to make sure that you do actually make a bid. If the property is passed in, the highest bidder has the first rights to negotiate with the owner. Many people make the mistake of not bidding, in the hope of negotiating with the vendor afterwards, but with this approach you risk missing out entirely.

To make sure you get the exact property that you want, get professional property advice from Rass Global Investments..

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