Are you prepared to buy at Auction?

It is really important that you do your homework when it comes to preparing to buy at auction.

By Matt Sullivan

25-01-2018 |
It is really important that you do your homework when it comes to preparing to buy at auction. The best advice is to study the auction clearance rate in the area. This will give you an idea of what the properties are going for and that will give you a rough idea of what you need to spend. Work alongside your real estate agent and with a little extra investigation, you will be more prepared coming into the auction.
As a seller at auction, researching the auction clearance rate is extremely beneficial as well. It will give you a realistic expectation of where to set your reserve price at and it should give you more confidence.

Inspection

Homes are often bought pending a building and pest inspection. It is crucial that buyers make sure a property is not hiding any secrets about its health. However, it is also important that the seller has all the information about their home before they sell. If you have an open home and then an auction, that information will allow you to have open and honest conversation with potential buyers. Therefore, why not organise an inspection before the auction. It will help avoid any nasty surprises for everybody.
An average four bedroom home would cost between $400 - $500 for an inspection. It may cost you now, but the comfort of mind in knowing there are no hidden secrets of your home will be worth it.

Prepare your mindset

Preparing your finances and studying up on the property market often comes first when preparing for an auction. Yet, preparing your mind for buying or selling is equally important. Having the research behind you means you can walk into an auction with confidence and that is what will separate you from the crowd.
It is also important to understanding the proxy-bidder process. If someone else is bidding for you, there needs to be complete trust. You will need to ensure that they stick to the budget have experience in the property market.

Ask for a guide

Australians buy or sell once every nine years whereas First National’s agents are helping people, on both sides, every day of the week.
Ask us today for a free copy of our Home Seller’s or Home Buyer’s Guide.

Tags

Auction Buying Selling