The Auction process can be an emotional time for both Sellers and Buyers, especially Auction day itself. With the right advice and plenty of preparation, you will become familiar and confident with the bidding process.
We’ve taken 7 top Auction tips for when you are looking to bid at Auction:
1. Arrive at the Auction early and register your interest to bid. The Agent will ask you for your full name and details as well as some photographic identification.
2. Start the Auction. Often when the Auctioneer asks for an opening bid, everybody waits for each other; being the opening bidder clearly signals your intention to purchase the Property and tells any other pending bidders that they will need to act.
3. Finance approval. Make sure you know your finance limit and have it pre-approved. Having a good relationship with your Finance Broker is critical. So often we meet Buyers who come to Auctions and use the words “if only…” when an opportunity passes them by.
4. Be clear and confident with your bids. This will show any other parties that you are genuine and determined to buy the Property.
5. Listen to the Agent and Auctioneer. They will keep you informed and let you know when the ‘Property is on the market’ Also, in the event you are the highest bidder, they will inform you as to what price you can buy the home at (under the Auction Conditions).
6. There is no first right of negotiation post Auction with Auctions in Queensland. Your best chance to buy the Property is under the Auction Conditions at Auction.
7. Should you be the eventual Buyer on the day (well done) then be prepared to pay the 10% Deposit (unless otherwise agreed to a different amount prior to Auction) and sign the Contract. If you are bidding over the phone, the Auctioneer can sign the Contract on your behalf.