Attending an auction can be a fantastic & exciting method of sale for those looking to purchase a new property, however there are some things which prospective buyers need to keep in mind when going to an auction.
Set a budget
Achieving success at auction time requires that you have set a careful budget and that you are willing to stick with it. Don’t fall into the trap of spending more than you can afford.
Do your research
Make sure you carry out the essential research before placing a bid at an auction. This means not only thoroughly knowing the property you are planning on buying, but also the local neighbourhood. Make sure you have read up on the previous auction results in the area to get an idea of how much the property is likely to sell for and how much you are willing to spend.
Know your rights
When purchasing property at an auction, is it important that you know your rights and that you understand your legal responsibilities. Generally you can expect to be required to pay a 10% deposit on the spot after you have won the auction. Also, you will not get a cooling-off period after the auction is complete, so make sure you bid carefully and that your finances are in order before making any final decisions.