[Newcastle Buyers Agent] Buying at Auction – Auction Tips

Hi, it’s Tiron from Newcastle Buyers Agent. I’ve got some tips for you today on buying at auction. Firstly, be prepared. Make sure you’ve had the contract reviewed by an independent
conveyancer or solicitor. Make sure that you understand the terms and the
finality of the contract and if you do need to renegotiate some of them make
sure that you’ve had that done with plenty of time before the auction. Make
sure you’ve got the deposit ready on the day you will have to pay a deposit after
the hammer has fallen as soon as practicable. Make sure you’ve also had
independent building and pest reports carried out. I also suggest electrical
inspections as well. These are some of the most expensive things to rectify in
a property and you need to know what you’re buying before you start bidding. One of the other things that I recommend is be
present. Make sure you can make it to the auction. If you can’t you should appoint
an independent person. This isn’t someone who works at the
agency even if they offer a free service to bid at auction for you, you can’t be
certain that they’re going to be acting in your best interests so it’s always
advisable that you consider getting someone independent to represent you on auction day. This will require you to sign some paperwork so that that person
is authorised to bid on your behalf on auction day. Make sure if you have a
budget that you stick to it because if the property doesn’t value up
or is beyond what you can afford you could potentially lose the 10% deposit
and find yourself in a bit of strife. The buyer’s agent will hold you accountable
to budget and ensure that you don’t exceed that. If you are going to bid at
auction on your own make sure that you’re persistent. What I find it when bidding an auction is if you’re persistent and respond to
another bid quickly and confidently you tend to knock the wind out of the sails
of the other purchaser. Position yourself so that you can see all the other
bidders and that way you might be able to read their body language or see when
they might be close to their maximum bid. Some bidders may wait until the
property is declared on the market before they actually make a bid. If you’re
unsure about where the property is sitting in relation to that reserve, just
ask the question, “Is the property on the market?”

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