Surviving a Home Auction
If you want to not only survive a home auction but beat your competition, do thorough homework and be alert. Savvy buyers can have a positive experience, but find and use the best resources possible. Prepare ahead of time.
Hugh Bateman, an auctioneer in New South Wales, advises:
“The most important thing is make sure all of your homework is done, completely done, so you enter the auction room fully prepared for every possible thing that can go right or wrong. If you are confident, you can bid with confidence; the one thing that auctioneers can read quickly is good body signals. If you feel nervous or even if you don’t, stand to the side or the rear so you can observe at all times what is going on with the other bidders. This helps you ‘size up’ your competition.”
To Survive a Home Auction, Learn All You Can Before Hand
There are a number of online guides that teach you how to be successful in bidding at a home auction. One recommended guide is How to Bid at an Auction. It is advisable to learn all of the techniques before starting to participate in bidding. The following list will also guide you:
- Thoroughly research the property’s history
- Know the local area and neighborhood
- Be up to date on current market values
- Know what prices similar properties have sold for
- If bidding, make sure you have necessary cash available
- When bidding, never exceed your limit
Networking ahead of time with auctioneers and real estate agents can also give you necessary heads up on what to expect in order to be successful in your bids.
Mark Hales, an agent in Perth, Australia, states:
“Talking to agents helps you find out what is happening in the local market and the level of interest in any particular property, all of which can help you on auction day.”
Additional Home Auction Day Pointers
In order to survive a home auction successfully, you will need to be ready to fully concentrate. That means you must be careful with what you eat and drink prior to the bid. Forget about any alcoholic beverages or foods that cause drowsiness. You will want, and need, to be mentally alert and sharp.
While you’re at it, be sure to leave your “big buying ego” at home. A poker face and attitude will make sure that you are not paying premium prices. Always remember, professional auctioneers are extremely good at reading body language, so be careful.
Surviving home auction day and having something to celebrate at the end is definitely an art form. Treat it as such and you can win big time!