Auctions can be daunting for those who are unfamiliar with the process, especially if it’s the first time you’ve attended an auction looking to purchase. But auctions can be very thrilling and great outcomes can be achieved.
If you’re considering purchasing at auction, here are three simple tips to ensure it is an enjoyable process.
1. Familiarise yourself with the auction process
Understanding the process of an auction will be of great benefit to you. There are many resources available for those who are unfamiliar with how an auction functions. If you are able to, attend a local auction to view the process first hand. Familiarise yourself with the wording and language used, how people bid successfully and how the agent calls the auction.
We have created a free ebook which will help you learn more about the auction process.
2. Set a realistic limit
Purchasing a home can be a very emotional process. It is easy to get caught up in the pace of an auction and quickly exceed your limit. Know the limit that you can reach and be sure to stop yourself should that limit be exceeded.
Ensure you allow yourself some leeway if there is a chance of winning your dream home. A small additional spend over your limit can often help lead to a successful bid.
3. Be informed
It is in your best interest to be informed on what happens if you are successful at auction. Do your due diligence on the property, complete a pest and building inspection and have all your finances approved. If you are able to, ask your solicitor to look over the contracts prior to auction and discuss the conditions that are in place.
If the property is being advertised as auction, ask one of our friendly agents about the auction process. They will be more than happy to help you reach your property dreams and provide you with resources to help you be successful on auction day.
You can find our properties for auction here. Find more auction related topics on our blog.