Tips on buying at auction
The holidays are over for most Melbourne residents, the kids are back at school, and the property market is ready to step up an extra gear in the coming weeks. Indeed, here at Barry Plant St Albans, we’re set to start auctioning again from next Saturday.
This means that quite a few Brimbank residents, (along with those who’d like to become Brimbank residents), will be stepping up their house-hunting activities, including preparing to start bidding at auction. But how confident do you feel about buying a property that is being auctioned?
Some homebuyers, particularly those that are new to the market, find the idea of bidding at auction a little daunting. For some, this is due to a lack of familiarity with the whole auction process. For others, it’s a lack of clarity about the right tactics and strategy. Either way, here are a few tried and tested tips that you might find helpful.
- First and foremost, do your research on the area and property values well before auction day.
- Try to attend as many auctions as you can, particularly in the area you’d like to buy, so you become familiar with the process and the people.
- The more auctions you experience, the greater the understanding you’ll have of what happens, what the auctioneers say and do, and how the successful bidders go about the process of bidding at auction.
- Familiarity with property auctions also means getting to know the paperwork. Don’t be shy about asking the agents for a copy of the paperwork before the day of auction. This way you can get to know what is in there and have the opportunity to ask any questions before the day.
Of course, if you are still unsure about bidding at auction yourself, or even being totally confident about judging what a property is worth, one solution is to get some experienced assistance. If you want an experienced professional helping you bid at the auction, you can always ask one of the team at Barry Plant to stand with you and guide you through the process.
You’ll find details of our upcoming auction by CLICKING HERE.
Our thorough market knowledge and experience in the local area can give you a real edge. So, if you would like a confidential chat about an upcoming property auction, don’t hesitate to give our team a call on 9367 7044.
Cheers,
John Aaron Nakic & James Hatzimoisis
Directors – Barry Plant Real Estate
St Albans, Taylors Lakes & Caroline Springs