Tips on Bidding at Auction
Going to Auction will be one of the most challenging experiences you’ll ever come across in your life. I suppose when you’re making your biggest financial and emotional decision it can be very daunting.
My first tip is be prepared, make sure your finances are in place you the contract has been perused and any amendments for the the contract have been sent through to the sellers solicitor.
Next thing is to set your reserve. It’s important to stick to your reserve and don’t get caught up in the hype and end up spending more than you had planned for. It can be a very difficult conversation with your bank manager come Monday.
Once bidding has commenced the auctioneer will be suggesting the bidding increments and they are usually high. Remember the auctioneer works for the seller and his job is to extract as much money from you as the buyer. So bid in smaller increments to the auctioneer. Bid in odd increments see if the auctioneer can do the math.
Remember a property will not be sold until they have reached the sellers reserve my advice is feel free to bid conservatively once the reserve has been met you can bid more confidently and assertively in securing the property.
If the auctioneer has placed a vendor bid then let the property pass in and then negotiate from a point of strength, the seller will then be at their weakest position with the property having failed to sell under the auction.
If you are uncomfortable with the auction bidding process then please call our buyers agents to act on your behalf, we have bid on thousands of property’s and can help to give you the winning edge.