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Buying at Auction

Real Estate Planning with Anna Manning

· Buyers Tips

Auctions are exciting; however, they can also be daunting for first time auction buyers.

They may be held in an auction room or at the property. In some regions you need to register with the auctioneer if you are going to bid.

Bidding needs to reach the reserve price in order for the property to be sold to the highest bidder. If it does not reach the reserve price, it is still to your advantage to be the highest bidder so you have the first right to negotiate with the Seller.

Tips when bidding:

  • Attend a few auctions to see how it works prior to you making a bid yourself – Anna is happy to organise this for you.
  • Always know and stick to your price range.
  • Have someone with you who can stop you bidding when you reach your limit.
  • Always do your research and arrange building inspection reports for a property prior to bidding.
  • You may bid in small or large increments.
  • If you are successful you must be prepared to pay the deposit immediately.