Buying at Auction Bidders In Melbourne can be an exciting, fast-paced experience but it can also be intimidating. It’s important to have a strategy in place and to always remain focused on your own financial limits. Here are a few tips to help you buy at auction successfully: Do your research, set a budget, register early, hire a professional to bid for you, and remain calm.
Before the auction starts it’s important to inspect the property thoroughly and speak with the agents involved. This is your last chance to ask questions and get a final look at the contract of sale and terms of settlement, so you’ll be clear on what to expect once you win the auction.
Mastering the Art of Bidding: A Guide to Successful Auction Bidders in Melbourne
You can pre-register for the auction if you wish, but on the day of the auction, you’ll need to provide proof of identity and sign the Bidders Record (or a letter of authority if bidding on behalf of someone else). You should also familiarise yourself with the auctioneer’s rules and regulations and privacy laws.
When the bidding begins, it’s important to keep calm and make your bids quickly, confidently, and consistently. Doing so will show the other bidders that you are serious about purchasing, and a calm demeanor will be a good deterrent for those trying to “out-bid” you. If the bidding goes beyond your budget, drop out. This is better than overpaying for a property that may not suit your long-term needs. Getting a pre-approval before attending an auction is also a great idea, as it will give you the freedom to plan your budget and bid with confidence.