7 Tips for Attending Your First Property Auction

September 2, 2019 12:18 pm Published by

Have you ever considered purchasing a property at auction? Property auctions are fun experience and are also an ideal way to avoid the lengthy buying process. The most appealing reason to attend an auction is to grab yourself a property bargain!

To help you prepare for a potential purchase, here are our top tips for buying a property at auction…

  1. Try to attend a couple of auctions prior to bidding, to learn how they work and to get a taste of the atmosphere. This will help you to pace yourself and make the best decisions when you wish to start bidding.
  2. Find some properties that interest you at local auctions and then begin your research. It is important to visit the properties and asses their neighbourhoods to ensure that you are making a worthwhile investment. You will also need to your homework to work out exactly how much you are willing to spend.
  3. Don’t forget to take into account any additional costs like auction fees and a deposit. These will be required on the day if you are successful.
  4. Once you have decided on your maximum bid, remember to stick to it! If you have done your calculations and know how much you can spend on a property, don’t keep bidding!
  5. Remember to take along two forms of identification, such as a driver’s license and passport, as well as a recent utility bill. You may also need to provide your solicitor’s details to the vendor.
  6. When you attend an auction it is useful to sit at the back of the room in order to clearly see who is bidding on each property.
  7. Finally, remember that if the reserve price is not met on the property you wanted, then you can still approach the seller after the auction to see if you can negotiate.
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This post was written by Dennis Adam

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