10 Hot Tips for Buying at Auction

Amy Simpson

images 110 Hot Tips For Buying At Auction.

Prior to Buying At Auction

  1. Tip # 1 : Use your research and budget to help you identify a ‘walk-away’ price.   It’s in your interest to keep this a secret from the agent, so they don’t use this information to help the vendor set their reserve.
  2. Tip # 2 : Have your finance already in place and attend the auction ready to write a deposit cheque.
  3. Tip # 3 : Attend some auctions beforehand to experience the atmosphere and observe different bidding strategies.
  4. Tip # 4 : Organise any amendments to the contract, such as a longer settlement period, prior to the auction.  Talk to the agent and get agreement from the vendors in writing.
  5. On the day of Buying At Auction
    Tip # 5 : If you’re going to start the bidding, start low.
  6. Tip # 6 : Project confidence – make the other bidders think you have no limit.
  7. Tip # 7 : Make your bids fast and assertive. Agonising over your next bid is a sign of weakness.
  8. Tip # 8 : Call out your offer in full (i.e. say “$350,000” instead of the increments, i.e “$5,000”).
  9. Tip # 9 : If it’s going to pass in, make sure you’re the highest bidder, as this usually allows first right to negotiate (whether this is a legal right or courtesy varies between states).
  10. Tip # 10 : Stick to your ‘walk-away’ price. It’s better to feel the short-lived disappointment of missing out on a property you love than the long-lasting remorse of paying too much.

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If you have a property in South East QLD that you would like to discuss with one of the team members at Calibre, then please feel free to call our office at (07) 3367 3411 or to search properties currently for sale then visit the Search Properties page on our website.

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