Auctions can be a family affair that is competitively fun, especially when you listen to the charismatic suited person rattling off the features of the house. Before you get swept up by other people’s excellent negotiation skills, or equally surprised at how much a house could sell for at an auction there are ways to make the most of it. If you want the best deal to swing in your favour, there are five things you need to know.
Do your research
This one is kind of a no-brainer if you are looking to score a good investment. This is the time you can make your dream of becoming a secret agent come true, and put those social media stalking skills to good use.
Get as much information on the property that you are interested in before you arrive at the auction. The additional information that you will be able to get about the house and the neighbourhood in which it is in will help you know whether it is worth investing your time and money.
Go to a couple of Auctions
Sometimes it helps to be wallflower and see how auctions play out. It will give you the knowledge on how it works and give you a chance to muster the courage to speak publicly. It will also allow you to adapt to the fast-paced action that is usually associated with auctions.
Walk that talk
Now that you are armed with information it will give you a bit of backbone when it comes to bidding publicly. If you are concerned about how to position yourself at an auction it is advisable to stick to the middle of the room where everyone can see you. Back up your research with a confident body language by looking determined and being decisive about what you say and your movements. After all, you know what you are talking about.
Playing it by ear may not work in your favour
Instincts can help in some instances, but when it comes to bagging an auction you will have to pick up on the nuggets that are given out by the estate agent. Pay careful attention to the advice and recommendations that are given throughout the auction campaign. Always weigh what they are and aren’t saying before making your final decision.
Be prepared financially
You might be able to knock the ball out of the park and get the property, but not having enough finances to cover your win will be rather sad. It’s all about coming with a game plan. If you don’t have enough in your savings account for the upfront payment you can always apply for a home loan. The catch is to compare deals so that you get the best value for your money.
Understand the legal aspects
The buzz at an auction could be fun, but it’s all jokes aside when it comes to signing the contract. You have every right to ask the auctioneer about anything you are unclear of when it comes to signing the contract. You can also go as far as enlisting the help of a professional to get a second opinion.
A bonus tip is to go to the property before the auction and scan it for any defects or problems it has so that you know what you are getting yourself into when it is time purchase. Don’t get too lost in the emotions of making a decision as this can result in regret later on.