Buying
Tips for Auction Day
05-Apr-2022
Finding and falling in love with a property can be an emotional roller coaster, especially if it's the "one"!
If the property you have your eye on is set to go to auction, it's important to be well prepared, have a plan in place and to stay cool under pressure. Things often happen quickly at auction so being ready to act and stamp your authority will leave the impression you know what you're doing!
Before Auction Day
It may be obvious but doing your research is key to being prepared. Even attend other auctions to get a true feel for the local market and understand the process on auction day.
When it comes to the property you’re interested in, make sure you engage a solicitor or conveyancer to check the contract for you. Ask them to correspond with the vendor’s solicitor or conveyancer about any changes to the contract you might need in the lead up to the auction. Also, check with your financial lender as to how much money you can access for your deposit on the day of the auction. Most deposits are now paid electronically, and you will need to know what your daily transfer limit will be.
It's easy to get carried away during an auction so set your budget before the auction and more importantly, stick to it!
On Auction Day
It's game day! Don't hide in the crowd, make yourself visible, ask the auctioneer questions and show the other bidders you are ready to participate and mean business! Make strong, confident bids, hold your bidders card up high and record all the bids so you can keep track of where the bidding is up to.
This tip may get a laugh but...keep calm! Easier said than done but if you can at least come across as calm and under control, it will give the impression you know exactly what you are doing. Remember every other buyer is feeling how you are!
The most important thing to remember is to keep within your budget and be prepared to walk away. There are always new properties coming onto the market each week so if this one doesn't work out, there will always be another.
Our team are always available to chat if you have any questions regarding buying at auction and are here to help you along the way! Feel free to contact Ian Gray on 0419 170 685 or Kristy McAleer 0409 094 680 today!
If the property you have your eye on is set to go to auction, it's important to be well prepared, have a plan in place and to stay cool under pressure. Things often happen quickly at auction so being ready to act and stamp your authority will leave the impression you know what you're doing!
Before Auction Day
It may be obvious but doing your research is key to being prepared. Even attend other auctions to get a true feel for the local market and understand the process on auction day.
When it comes to the property you’re interested in, make sure you engage a solicitor or conveyancer to check the contract for you. Ask them to correspond with the vendor’s solicitor or conveyancer about any changes to the contract you might need in the lead up to the auction. Also, check with your financial lender as to how much money you can access for your deposit on the day of the auction. Most deposits are now paid electronically, and you will need to know what your daily transfer limit will be.
It's easy to get carried away during an auction so set your budget before the auction and more importantly, stick to it!
On Auction Day
It's game day! Don't hide in the crowd, make yourself visible, ask the auctioneer questions and show the other bidders you are ready to participate and mean business! Make strong, confident bids, hold your bidders card up high and record all the bids so you can keep track of where the bidding is up to.
This tip may get a laugh but...keep calm! Easier said than done but if you can at least come across as calm and under control, it will give the impression you know exactly what you are doing. Remember every other buyer is feeling how you are!
The most important thing to remember is to keep within your budget and be prepared to walk away. There are always new properties coming onto the market each week so if this one doesn't work out, there will always be another.
Our team are always available to chat if you have any questions regarding buying at auction and are here to help you along the way! Feel free to contact Ian Gray on 0419 170 685 or Kristy McAleer 0409 094 680 today!