Auctions can be extremely emotional, knowing how to bid at auction and having the data to support the true value of a property will save you a lot of money.
Below are some invaluable auction bidding tips from TBAS®
1. Have your finances pre approved
2. Research the local area and real estate market thoroughly, to ascertain the exact value of the property
3. Get comparable sales from independent sources, not the real estate agent selling the property
4. Get an independent building & pest inspection
5. Have your solicitor or conveyancer review the contract for sale
6. You’re not always required to have a 10% deposit. Negotiate a 5% deposit prior to the auction if beneficial
7. Organise your deposit, which must be paid directly after the auction. Clarify if a bank cheque is required, if you can use a personal cheque or the new DEFT payment.
8. The auctioneer doesn’t have to call the property is ‘on the market’ to sell it
9. You don’t have to be the highest bidder to negotiate after the auction if it doesn’t sell, however the highest bidder has the first right
10. Prepare a bidding strategy, bid fast, be assertive and never procrastinate. Don’t look at your partner and debate if you should bid higher, it's a clear signal you are at your limit.
11. Know your absolute maximum bid and stick to it
12. Take the emotion out of it & insulate yourself from the selling agents by using a professional auction bidder from TBAS® Buyers Agents. We are your insurance policy