Bidding at auction is like a sport. There are competitors, spectators, an umpire, game plans and at the end there is only one winner.
For many people, the idea of attending an auction sends them into freefall and quite often they place the property on the scrap heap before they have even set foot in the front door.
It is perfectly normal to feel intimidated about the auction environment, however, you can reduce that stress by making sure you are well prepared or by using a Buyer’s Agent to do it for you.
As a Buyer’s Agent in Brisbane, Location One has participated in many auctions and in that have time developed skills in this pressured environment. Many people are now choosing to appoint a Buyer’s Agent to represent them at auction to take the stress and anxiety out of the process.
When purchasing property, it’s important to understand that the real-estate agent is working for the seller and their job is to obtain the best possible price for them, so set yourself a price and stick to it. Prices can quickly escalate in an auction environment, so be careful not to get caught up in the moment and pay over market value.
Make sure you do your homework prior to auction day as many of the conditions that apply to buying property privately or off the plan do not apply when a home is sold at auction. For example, there is no cooling off period when you buy a home at auction and if you are holding the last bid then there is no turning back.
One of the many benefits of engaging a Buyer’s Agent is that they conduct due diligence on the property prior to auction day to ensure you are fully informed and have your eyes open wide. For example, understanding the history of the property and the vendor’s situation is key to whether you decide to put in an offer prior to auction day. If it turns out to be a deceased estate and there are beneficiaries then it’s more likely that they will go to auction, so you don’t want to show your hand by putting in a prior offer.
If you are wanting to bid at the auction, then you must be registered prior to the auction commencing.
People quite often talk about dummy bids which are a ploy to raise the bidding by someone who does not intend to purchase the property. All bids must be from a registered bidder and that way if you have any concerns you can raise it through an official channel.
Finally, take an objective friend not an emotional friend with you. Buying a property at auction can be fast-paced and highly emotional so it’s important that you have someone you trust and that can help you make objective decisions in the heat of the moment.
If you want to take the stress and emotion out of buying your next home or investment property then use a Buyers Agent. Location One is one of Brisbane’s leading Buyers Agent and will turn your dreams into reality. Call us today on 07 3262 5311, email us at firstname.lastname@example.org, or visit our website www.locationone.com.au.