Bidding at Auction – The best way to buy property.

As a buyers agent, my job is to prep my clients to be fully prepared for an auction.

Recently, I bid and won at auction against two other bidders who went through the process of turning up to the auction, going through the registration process to then simply watch me offer one single bid.  The fact was… one hadn’t organised their building inspection and the other hadn’t organised their pre approval for finance. Both were hoping there’d be no bidders, the property would be passed in and then they’d be able to make an offer with “subject to’s” attached. This strategy cost them a real chance at securing a property they were genuinely interested in. As the only and therefore highest bidder, I asked for the auction to be held over then I went inside and negotiated the final price with the vendor via the auctioneer.

At My Property Buyer, in our preparation, we work closely with your mortgage broker or lender to ensure all the numbers stack up before we head to the auction. We also make sure we have the deposit requirements met and if we are short of the normal 10% deposit required, we pre negotiate a lower figure for you. Then there’s the insurance cover note to think about and the arranging of the building inspection before the auction day.

However, the most important part of the preparation is research. Researching the price one should pay takes skill and expertise. There are many factors that come in to play and it’s imperative that you strip away the emotion. Then, once we are there on auction day, we stick to our guns on our top price to pay and we walk away in need. The key is to have our figure as precise as possible with a few little limit tricks kept in mind… for those, we will need to take our talks further.

Whilst it may seem hard to believe,  I love auctions as a buying practice. It’s the most transparent way to buy a property and when you have a limit in place that you are not prepared to go over… bidding at action means you have every chance of getting the property for less than you were willing to pay.

For more information on our bidding and property finding services, please contact Andrew Flynn on 0439663555.