Auction Tips

Extract from “Real Estate Mistakes” by Neil Jenman.

'Seven Rules for Buying at Auction'

If you don't know the tricks used at auctions, you are certain to get hurt. Most auction agents have no regard for your feelings. They want a sale and they don't care who they hurt.
If you are inexperienced at home buying, you should avoid auctions altogether. The financial loss of a few hundred dollars on wasted inspections is bad enough, but it is nothing compared to the emotional damage of discovering that the home you love was never in your price range.
If you want to take the risk, here are seven rules to protect yourself and minimise the damage.

Rule 1. Believe nothing and check everything
With auctions, always assume the agents are lying to you. Sure, some may tell you the truth, but if you treat everything they say with suspicion, you won't be as easily hurt. There are so many lies told that you can't afford to believe anything until you have checked it out thoroughly.

Extract from “The Insider’s Guide to Saving Thousands at Auction” by Patrick Bright.

'Top 10 Bidding Tips and Tactics for Auctions’

Auctions have a unique environment. It’s a place of high emotion where people have a lot of money on the line. Auctioneers speak in a language that can be very confusing to the inexperienced bidder. To have the best chance at doing well at auction, not to mention avoiding a big and expensive mistake, then you need to thoroughly prepare for your auction day.

1. Be familiar with the auction process

If you’ve never been to an auction before, I recommend that you attend at least a dozen as a spectator. This will give you some auction experience without the pressure of being a bidder.

As a spectator you can get comfortable with the process and atmosphere. You’ll see how the auctioneer generates excitement and tension. You should also analyse how people bid and if they’re trying to use any tactics.

Read on…