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Chambers Fleming Padstow

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02 9771 4555

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Tips for buying at Auction!

27 Oct 2016 Padstow 0 Comment

Buying a property at auction can be a nerve-racking and stressful experience, however with these tips you will have the confidence to manage the auction day process like an expert!

Do your research

Spend the time attending as many auctions as possible so you get a clear understanding of the process and auction environment. Do your research on comparable properties so you have a good idea how much the property should sell for at auction.

Set a budget

To avoid getting carried away with the excitement of an auction, set a budget and stick to it. Getting a pre-approval on your bank loan prior to the auction will help set your limit. Remember you will usually be required to provide 10% of the purchase price if you are the successful bidder

Confidence is key

Ensure you register before the auction starts and bid confidently and clearly throughout the process! Auction’s can be exciting, so have some fun, yet make sure you keep your budget figure in mind so you don’t get carried away and bid above your limit.

Auction outcomes

If the auction is passed in, it means the bidding has not reached the vendor’s reserve price. If this is the case, the highest bidder will have the chance to negotiate with the vendor or the property will be put back on the market.

If you do miss out on a property at auction, be confident in knowing that you have done the research and this property is not the one for you.

The team at Professionals Padstow are always happy to provide advice and tips on any of your property enquiries. If you have any auction tips or experience that you would like to pass on, please share your ideas by leaving a comment over at our Facebook page I Love Padstow to Picnic Point.


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