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Helpful Tips for Being a Winner at an Auction

By Rebecca Zhang

If there is a home that you are extremely interested in buying, then it is better for you to prepare yourself for the auction day, considering the recent competition at auctions. This doesn’t just involve arriving early to the auction; here are some tips for you to take into consideration before you attend your next auction.

Be prepared from beforehand

It is very important to conduct your own research when purchasing a property. However, it is even more essential for properties that go to auction because residential real estate auctions are unconditional.

To become a winning bidder, the key is to bid with confidence. If you are serious about purchasing a certain property, then make sure you conduct your pest and building inspections from beforehand.

If you are interested in property investment with potential for growth, you should get the home valued by an independent professional.

Organise your finances 

Know your financial limits so that you can become a confident bidder. This can be achieved by setting a maximum price for yourself. This will ensure that you stick to a budget and it will prevent you from overspending on a home.

Take the time before the auction to talk to a broker and to sort out your home loan. Also, get your mortgage pre-approved so you have everything prepared to go on the big day.

When you sign the auction agreement, you will be required to pay the deposit for your new home. Normally, this is ten per cent of the property’s price and it is held in a trust until settlement day comes around. It is payable on auction day, so make sure you have the funds ready to go by way of personal or bank cheque.

Have an alternate plan

If the auction does not meet its reserve and the property is passed in, you may still have a chance at buying it. Usually when this happens, the highest bidder may be given the opportunity to negotiate with the vendor.

As an alternate plan, ensure that you practice your negotiation skills; make an offer to the vendor and real estate agent that they will be hesitant to refuse.

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