If you're looking to buy your new home at under-auction conditions, here are a few things Veronica & Bryce think you should consider before you go to bid.
- Talk about price guides in general. You've gotta understand what they're all about. Firstly, they're there to drive as many people to the property as they can, and by quoting a little bit lower, it creates interest from a whole lot more buyers. It's called 'bait-pricing'.
- Understand what the agent's goal is here: it's to get a sale first, and the best price second. They've got the most on the line here if they don't get a result at auction, because their income relies on actually making a sale.
- If you're feeling a little bit disillusioned by the process, my advice is really simple: understand exactly what the motivation is for the selling agent, understand the auction process, and do your own homework and research to understand value. This will give you the best chance of being successful at bidding on the day at auction.