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10 Hot Tips for Buying At Auction

7/29/2013

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You might prefer to purchase by private treaty, but the home of your dreams is up for auction. Here are a few tips that might help.

Prior to the event

  • 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.
  • Have your finance already in place and attend the auction ready to write a deposit cheque.
  • Attend some auctions beforehand to experience the atmosphere and observe different bidding strategies.
  • 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.
On the day

  • If you’re going to start the bidding, start low.
  • Project confidence – make the other bidders think you have no limit.
  • Make your bids fast and assertive. Agonising over your next bid is a sign of weakness.
  • Call out your offer in full (i.e. say “$350,000” instead of the increments, i.e “$5,000”).
  • 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).
  • 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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    Alex Glen-Holmes

    Mum of 4 kids ranging in age from 21-29. Involved in local sporting groups including Futsal & soccer. Business interests include
    Vice President of the board for Port Macquarie Chamber of Commerce, board member of Hastings Business Enterprise Network and a board member for Willing & Able Foundation.

     Involved in local events such as the giant Christmas tree, Christmas Parade & Concert. Which will be held again this year on the 24th November. Run Port Macquarie Tilt Tray Towing with husband Tim. He's the braun & I'm the brains!
     Local Real Estate agent in Port Macquarie for past 10 years. Love getting involved with the local area and it's people. Great place to live.

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