Auctions are a popular means of selling property, but it can be an intimidating process, especially for newbies. If you are thinking of joining an auction, you need to be ready with the right strategy to help you win the bid on your dream home. First things first, check if your particular state requires bidders to register. The registration process is meant to keep dummy bidders who raise the bids intentionally at auctions are kept away. You can check with your real estate agent first to find out if your state is covered.
Then, make the necessary preparations. Going in prepared would help make the experience pleasant and rewarding for you. Follow these simple steps to ready yourself for the big day.
- Visit other auctions. Ask questions and simply try to find out as much as you can about the bidding process. Doing so would also expose you to the commonly used strategies at auctions that you need to watch out for.
- Check the property you’re interested in before auction day. When you conduct site visits, you are able to determine how much you ought to pay for the place. It will give you an idea as to what your budget needs to be and where you should set your limits.
- If you haven’t already done so, visit your nearest property broker Victoria. Ask questions about the property that’s going to be auctioned off and study the contract and condition reports very carefully.
- Make sure your finances are in order. Before the auction day, you need to have everything set with your lending institution so you can establish a budget and a limit for the auction. Upon completion, you will be required to pay around 10% of the purchase price as a deposit, so make sure you have this amount plus a written loan approval from your lender.
- Bring valid identification come auction day. Apart from registering, you might also be asked to show some ID on the day itself. A driver’s license with your name and address on it should suffice.
When the day arrives, keep your cool and keep your emotions in check. Remember that it is perfectly okay to change your mind and decide not to bid. Try to arrive early and find a place where you can observe other bidders and get in the right mindset. That’s it – you’re all set to face the auctioneer and place your first bid with confidence. It’s easy to get carried away at these things, but as long as you stick with your limit and know when to stop, it will be an enjoyable and possibly fruitful experience for you.
