Getting what you want at auction

The basic ingredients of a property auction are pretty straightforward: there is an auctioneer, bidding and generally a lot of numbers being thrown around. But as a potential buyer, what are you mean’t to do on the day? Auctions are tense, exciting and absolutely terrifying if you don’t know what to expect. They can also be potentially very expensive if you inadvertently scratch your nose at the wrong moment!

Understand the nuts and bolts:

An auction can either be held in a hired auction-room or at the property itself. If you plan to bid at the auction you need to register your details when you arrive. The auctioneer will ask you for your name, address and telephone number. You also need to prove your identity so don’t forget your passport or driver’s licence.

Do your research:

Before you bid on a property you need to make sure you have done all of the essential building inspections, secured your finance and explored the area. To begin the auctioneer will describe the property and describe the contract. They will then begin taking bids.

An auction can give you a great opportunity to snag a bargain but it can also rush you into making a decision and tie you to terms that benefit the vendor. Before you even begin to start bidding at auctions attend several for properties in the area you are looking so that you have a good idea of the process and also a sense of what the mean price is in that area.