5 Tips for Property Auction Success
- Before you go to buy a property at auction, visit other auctions to find out what happens. You will feel much more confident when you actually start bidding for a property.
- The most important thing to remember at an auction is to set a maximum price that you can afford and don’t bid a penny more. Easier said than done, as one of the biggest dangers is ‘Auction Fever’, the tendency to feel ownership of an item before actually buying it. This manifests itself in bidding way over your financial limit because you don’t want to lose what you already perceive as ‘your’ property.
- Have all your finances in order before you go to the auction. Make sure you have enough money in place to cover your maximum bid, plus auctioneers fees. And remember you will have to pay a 10% deposit on the auction day and settle the whole sum within 28 days.
- View the property in advance – yes, people really do buy properties they haven’t seen – and if you are inexperienced take a builder that you trust to get a real idea of what work will need doing. Use this information to work out your maximum buying price, taking into account how much you will need to spend on renovation.
- When you attend your first auction, don’t worry that you will scratch your nose and find that you have bought something! The auctioneer will make sure that you are genuinely bidding, for example by making eye contact or asking for confirmation. Again, by visiting other auctions you will get to know how to enter the bidding.
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