Tips for Purchasing at Auction

Tips for Purchasing at Auction

Purchasing a home is an exciting time. However, for some it can be a daunting experience. This is especially true if the sale method happens to be auction as they are designed to place more pressure on buyers to act fast. These handy hints will prepare you for auction day and make the process as smooth as possible.

Don’t get emotionally attached. It’s easy to fall in love with a home, picturing your belongings inside and throwing parties on the deck. By doing this you risk great disappointment if you happen to miss out, so take a step back and lower your expectations just a little.

Familiarise yourself with the auction rules. The auctioneer will read these out at the commencement of the auction however there is a lot to remember. Do you know who gets to negotiate if the property passes in?

Establish your budget and stick to it. In the heat of the moment it’s easy to get carried away with bidding and you may end up spending a lot more money than you can actually afford. Take a friend, family member or real estate professional with you, they can act as a buffer and stop you from overstepping your limit.

Have your 10% deposit ready, usually a cheque.

Stick to your strategy and be confident. Each bidder will have their own game plan. Establish your bidding style and be ready to negotiate if the property passes in.

The rule to observe when buying real estate is ‘be prepared’. Feel free to contact a PhilipWebb Sales Consultant for more information and advice.