When the property market is booming, buying a property can be a fierce fight. Buyers come in with all the tricks of the trade, but which ones really work?
We give you some tips for bidding at an auction:
Research: As with all stages of buying a property, always remember to do your research. Understanding the value of the property by comparing similar properties in the area will give you the greatest indication of what the result will be. Researching how many auctions are on in the area will also impact your auction.
Finances: An auction is an unconditional sale, so ensure you have your finances in order. Work with your mortgage broker prior to auction to make sure you are ready to take the plunge.
Inspections: Organise all inspections before auction day so you have a clear understanding of what you are purchasing and what kind of condition it is in. This can include building and pest inspections.
Build a relationship: Get in touch with the agent before auction day so they understand our interest and consider you a serious buyer. They will also be able to tell you if your budget fits with the expected sale price.
Confidence: Don’t be afraid to open with a reasonable bid and go in strong. Back yourself but remember to know your limits.