BUYING AT AUCTION
AUCTION HINTS TO BIDDERS
Attending an auction with the intention to purchase, will probably be one of the most stressful and emotional times of your life. Here are some helpful hints that could very well lead you to being the successful purchaser on the day.
Many sellers are quite happy to sell before auction in fear of the property getting passed in on the day. So don't be afraid to try and purchase the property beforehand to avoid competitive bidding on the day. This will also give you some sort of insight in regards to where you should place your bidding at the auction should your offer not be accepted prior to auction.
Be positive and confident with your bidding, as being hesitant may signal to other bidders that you are reaching your maximum.
You do not have to bid the increment nominated by the auctioneer, but it is up to the auctioneer whether your bid is accepted or not.
The auctioneer may or may not indicate when the reserve price has been reached. In any event if the auctioneer declares that the property is 'on the market', it means the reserve price has been reached and there will be a definite sale.
Set your limit, remain calm and stick it. Bid only for the property and not against another bidder. Remember at all times that there are plenty more fish in the sea and sometimes the only extra bid you should make is to bid farewell to the property.
For a small fee which could save you thousands of dollars and eliminate a lot of stress on the day, you should employ a “Buyer's Agent” a (professional property negotiator) to bid on your behalf at the auction. These people are licensed real estate agents that exclusively represent “Buyers” only in all real estate transactions not “Sellers”. Contact us today to have us bid on your behalf on 02 9960 1066 or enquiries@pkproperty.com.au.