Bidding at an auction can be intimidating for the uninitiated, particularly when the market is hot. Every bidder wants to be the one who secures the property, and sometimes competition can get fierce.
Some bidders have little tricks that they use to help secure a property, such as bidding late in the game or trying to psyche out other buyers, but the best way to come out on top is to simply be confident and prepared for auction day (no need for sneaky tactics).
The number one thing you need to know when you turn up on auction day is your price limit. Make sure you stick to your budget and don’t get carried away with the competition. If you miss out on a particular property, there will be others in the future.
Research similar properties in the area and try to get an idea of how much the property going up for auction will sell for to give yourself a price range. Also make the effort to go to property inspections and to find out the condition of the property. You should get a building and pest report for auction day too.
Once you have an idea of the quality of the property and how much you SHOULD spend, you need to know how much you CAN spend.
Remember when you bid at auction it is unconditional so you need to have all of your finances in order. Talk to your bank or mortgage broker beforehand and make sure that you have the finances available to back up your bid.
In the lead-up to the auction it is a good idea to make yourself known to the selling agent so that they know you are a serious buyer, and so they can help give you an idea of whether your budget fits into the range of the expected sale of the property.
If you have all of your ducks in a row on auction day then you will be able to bid with confidence, and hopefully also walk away with your dream home.
To view upcoming auctions in the Bacchus Marsh region, click here.