Auctions can be a scary thing for some buyers but if you do your homework, they can work in your favour. Learn how to prepare for auctions with these top tips!
- Auctions have benefits for buyers. They can be scary but they have a lot of benefits - when you're there, you can see what's happening and know how much everyone else is prepared to pay.
- Learn that the quoted price is the true price. Make sure you're aware of this so you're not disappointed on the day when the true price is revealed.
- Do your own price research. This will help you have a reasonable expectation when it comes to the property you want.
- You should always wait before making a pre-auction offer. Sometimes the price you offer before an auction can be substantially higher than what ends up going at auction.
- If you do make a pre-auction offer, make sure it's enticing to the vendor - it needs to be strong. Also be aware that pre-offers will be under auction conditions, such as no cooling off period
- Set your limit prior to auction day. This will help you not pay more than you can financially afford and stop the agent from drawing more money out of you.
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