To real estate agents, sellers and buyers of real estate, Saturday’s is often referred to as Game Day. That is because most residential property auctions are held on a Saturday.
For alot of buyers, there’s still a lot of fear surrounding the auction process with many buyers losing out on a dream home opportunity simply because they’re too scared to participate or are out bid at the auction.
But we at Bond Conveyancing believe that buying a property through auction can actually be one of the most transparent ways to purchase a home.
Whether you’re a first home buyer or a seasoned veteran, read below for our top tips for a successful auction strategy.
1. Do your research. Knowledge is power, so research not just the property, the location, the comparable sales but also attend other auctions and observe the process.
2. Ensure you have your finances approved. Buying at an auction is rarely subject to finance so if you win you need to ensure your finances are in order.
3. Have the auction contract and supporting documents reviewed by a law firm prior to the auction. This will ensure you know what you are buying and there isn’t any hidden future expenses, or matters that will seriously impact the property.
4. Stick to your budget. Of all the house auction tips we’re talking about, this one is the most crucial! The worst thing you can do to yourself is get emotionally attached to the property. If you are emotionally attached to the property, then we suggest getting a friend to bid at the auction on your behalf, to take the emotion away.
We wish all sellers and buyers the best of luck in your auctions.
As always if you have any queries or if we can be of any assistance, please don’t hesitate to reach out to our friendly team at Bond Conveyancing.