HOT TIP – Looking To Buy / Tips For Buying At Auction

 

Before you head into an auction, you must make sure you are prepared . Here are some tips to help relieve the stress .

1. Prepare

First thing first – make sure you have you your home loan pre-approved. Knowing your limit puts you in a better position when biding for a property, and avoids complications.

2. Ask The Experts

Always seek advice from your agent. Why? Because this is what they do day in and day out. A selling agent can help by providing you with information on past sales, and can provide evidence as to why a property should sell at the asking price.

 

3. View Other Auctions

Bidding at an action can be daunting and difficult.  This is why buyers exist !

Go and talk to other buyer’s agents and auctioneers and listen to what they have to say. A little bit of knowledge can go along way.

4. Bid Early & Be Confident

By starting off your bidding early, and at low price, you have more control over the situation. Go slow and start low – It’s not a race. If people really want to sell their property, then they will have to accept it at a reasonable market price. By drawing out the process, the seller may feel more pressured to adjust the reserve price downwards.

Make sure you are confident with your bidding – speak loudly and clearly.

5. ┬áConsider Using a Buyer’s Agent

A buyer’s agent is there to help you with the purchase of you new home. They offer advice along the way and can even bid on your behalf. Call us for more info on exactly what is involved !

Remember, if you win the auction then you are obliged to purchase the property off the vendor, so make sure you know its the one.
A lot of time and money goes into buying a house, so make sure you know whats going on before you jump in. If you have any questions, call us at Chidiac Realty today!