Auctions for a property can be a scary experience. They are intense situations often built up over many weeks or months, and leaving without that dream house can often be a painful blow in the scheme of things.
Fortunately, there are many useful things to bear in mind to ensure the day goes smoothly, as well as giving yourself the best chance of walking away with a new pair of house keys.
Know your property
Before even proceeding with a bid, you want to ensure you know the property is the right one for you. Aesthetics are all well and good, but make sure you’re asking the right questions to the agent so you get the whole picture.
Above all, it’s essential that you’re being attentive and conscientious. Asking plenty of questions and asking for data such as building inspection reports can be just as important as how the property looks.
If you’re still confident the property is right for you, it’s important to let your desire be known. Contact the agent ahead of time and let your presence be known on the day. That way no one can doubt your interest and ensures your day can run smoothly even before the bidding begins.
How to conduct yourself
Your presence is important, but how you present yourself is equally crucial. You never know if the vendor will be present on the day, so conducting yourself as if they are is better than pretending they aren’t.
Even if you win the auction, vendors have the power and the authority to reject a bid without explanation, and you don’t want to miss out on your dream home just because of a passing remark or rude behaviour.
Dress and act appropriately, and you won’t have to worry about a possible rejection.
The bidding process
When the bidding process itself gets started, you’ll also want to bear a few things in mind to help secure success.
Starting low is always a viable option, but if unsure, it’s still a safe bet to let the process begin and ascertain the general interest before putting in a bid yourself.
Many people also fear what is known as ‘dummy bidders’; bidders associated with the vendor themselves that help drive up the price to encourage bidders to pay more. While they do exist, tighter fair trading legislation laws have ensured they are a rare occurrence.
Added to the fact that vendors must legally announce themselves at the time of the bid, the likelihood of you encountering one on the day is minimal, allowing you to focus on the task at hand.
Keep a fixed number in your head that you agree you won’t go over to reduce the risk of an impulse buy; there’s nothing worse than bidding more than you can actually afford.
Bear all this in mind and the auction day will run smoothly. With any luck, you’ll walk away with a new home too.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.