Your guide to buying at Auction
Auctions can be heart-pounding events for a buyer regardless if it is their first, or their fifteenth! The key to winning is more than just the highest bid. It’s a strategic game where confidence, timing, and preparation are your secret weapons.
We’ve compiled our top five tips to share with buyers before auction day that dispel the ‘wait and see’ strategy that so often sees bidders walk away empty handed.
FAQ'S
Can I buy before Auction Day?
Absolutely! In fact, up to 50% of auction properties are sold prior to auction day. However, the acceptance of offers prior to auction is a decision made entirely by the vendor. If you wish to submit an offer prior to auction, please ensure you have undertaken all research and due diligence, as your best chance to have your offer accepted is to do so under auction conditions.
What if my offer is not accepted prior to auction? Have I wasted my time?
Definitely not. It may be that the vendor’s price expectation sits above the market’s expectation, or perhaps your offer is under-estimating the value of the property. Regardless, after the vendor has had the opportunity to see the full marketing campaign and the interest in the property on auction day, both parties will often re-evaluate their expectations.
