Tips for Bidding at a Property Auction

Should you it your intention to bid on auction day for a property it’s essential to prepare thoroughly prior to the day.
Here are some tips to ponder;

Prior to the Auction

1. Research

Study the latest sales, speak to real estate agents, view the local area, and chat with the neighbours. Understand the property market for the area in which you wish to buy, compare equivalent properties and designs. Also look at properties with extra or fewer bedrooms/bathrooms/car parks, to know property values. Attend a few auctions prior to the one you would like to bid at, to assist to understand the process. Feel free to search our for sale properties for upcoming property auctions

2. Check the property and documents

Organise for your solicitor or conveyancer to assess contract of sale documents prior to auction day. Chat with your mortgage broker about your finances to ensure all is in order and know your budget limit for the auction.
Should you be keen on a property, it would be sensible to organise a building and pest inspection prior to the auction.

On Auction Day

3. Arrive Early

Plan to have plenty of time to arrive at the property. This will allow you to have a final inspection of the property and also check the contract of sale, vendor’s statement and the information about the auction and auction rules.

4. Ensure you have good view

It is wise to certain you can see all the proceedings of the auction and the auctioneer can see when you wish to put in a bid.

5.Keep your emotions in check

The key is to stick to your budget and do not go over the top and let your emotions take over.

6. Ask for help

Should you feel uncomfortable or stressed about auction bidding, organise for a friend or a professional to support you with the process. Discuss your plans prior to the auction with your chosen person you wish to bid on your behalf, so you both understand your limits.

Feel free to contact us on 9697 8888 to discuss the auction process with one of our sales agents.