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Buying property auction



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For many people looking to buy property auction is their first port of call for a great value, if not downright cheap property; whether it is a commercial or residential one. Also well known in the last few years during the (generally ongoing) property downturn as the place to buy cheap, repossessed properties, auction is certainly a great place to bag a property bargain, but how easy is it, and what do you need to know to succeed on the day?

You don’t have to be a seasoned auction goer to buy a property at auction, but that doesn’t mean that experience has no merit, it really does. That said, with a good deal of research and several visits to watch property auctions happen, without actually bidding, will stand you in good stead to do well even as a first timer.

If you have never been to a property auction before, go to at least one as a spectator. This will give you a good idea of what happens on the day. In addition to some solid research on both the auction itself and the property or properties you plan to bid on, this should provide a good basis on which to bid solidly without losing your cool.

This last point is important in that it is easy to get caught up in the emotion of the auction (which the auctioneer will happily and predictably encourage as it is their aim to get you to bid as high as possible). Even those who have been to many property auctions can get carried away and bid too much for a property they love. Set a realistic upper limit based on a survey and your own assessment of the property before the auction, and then stick to that limit without fail. This way you will be less likely to bid more than you actually want to for a property, no matter how much you want it, because you have an idea of what it is worth already.

Your chances of success at auction are also influenced by the other bidders there on the day. If you’re lucky and not many others, or no one else, is interested in the property you have your eye on, you’ll be likely to grab a bargain. Of course the opposite can be true and if there’s a lot of competition, the price will be driven higher.

With a bit of planning ahead, research and ideally, experience, when you’re buying property auction is still a good place to get a bargain.


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