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8 September 2020

Six Top Tips for Success at Auction

Whether you are a first-time buyer, a property veteran or just looking for your next step in the market, purchasing at auction can be an exhilarating or a daunting ride. Here are 6 tips to help you succeed.

Pre-approval

We know how it feels – you find a great place and you just want to make it yours. But before you start launching into bids, it’s worth getting a clear picture of what you can spend.

Go in with your eyes open

The last thing you want when you’re buying a property is surprises. So, it’s really important to cast your eyes over the building and LIM reports/Council records.

Fine print

Once you’ve made the winning bid, you’re expected to sign it there and then, so it’s important to do your ground-work ahead of time. Keep an eye out for any special conditions or easements in the auction terms and conditions.

Know your limits

It’s can be easy to get a bit carried away in the heat of an auction, so the smartest thing you can do is set yourself a concrete bidding ceiling before you arrive. Sometimes sending someone to bid on your behalf who knows your limit is a clever tactic.

Keep your cool

Make sure you keep your head in the moment. As bids start getting thrown around, this is the time to take a few deep breaths and remind yourself of your game plan. Take control of the bidding.

Be deposit-ready

Make sure your deposit is sorted in advance, because you aren’t winning an auction without it. A deposit is usually 10% of the purchase amount and is most commonly taken as electronic bank deposit immediately after the auction.

 

Auctions are a great way to buy – they are transparent and you know exactly who you’re up against on the day.

The key is to have a solid plan in place, don’t hesitate with your bidding, and get help and advice from your real estate salesperson.

 

 

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