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Bidding at Auction
Auctions are exciting but for some can be a nerve-racking method of real estate transaction unless you understand the process. Naturally, vendors want to get the highest price from bidders outbidding each other, whereas buyers are hoping to purchase a good deal, it’s an exciting process and it can be your ticket to a great property.
The nature of auctions means that the price is gauged by the crowd, rather than dictated by a seller across the negotiating table.
To ensure that you are auction ready here are some tips below;
- Attend as many auctions as you can
- Research the property and properties that have sold in the area
- Ask the Real Estate Agent about the auction process
- Have all your finance in order to ensure you are ready for auction
If you are bidding at auction here are a few steps to help you prepare;