Tips For Buying At Auctions

Properties at auctions often attract really inflated prices because the bidders become competitive and try to outbid each other. When buying at an auction, you should research the fair market value and not let your emotions get the better of you. If you know this might happen, take along another person who can keep you on the straight and narrow by telling you when to stop bidding. You can also get help from a buyer's agent who will do the bidding for you.

Many people set a round figure for their price limit. Watch for this in the bidding because if you bid just once more, you might get the property and it will still be at a good price.

Have the contract of sale checked out by your solicitor and if you want to change anything, request if before the auction date. Things you may want to change include the amount of deposit and the terms, or even what is included in the sale. One good thing to come of an amendment request is that you can judge whether the vendor thinks the sale will be hot. If he does, he may not want to agree to your requests, but if he thinks the property may not sell, he will be more likely to agree to your terms.

It's important to get pre-approval for your loan so that you can settle immediately if your bid is successful.

By: Melanie

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