You need to do your property investigations before auction day
Once you’ve decided that you want to buy a property
at auction, you need to start looking at catalogues for upcoming auctions.
You should come across properties that fit what you’re looking for. It’s vital you see these properties and give them the once over before auction day. Buying a property that you haven’t seen in person can be very risky.
If you feel you don’t know enough, ensure you take someone who knows about property with you to help you carry out a thorough inspection.
Work out the value of the property before auction day
It’s vital you know what the rough value of a property you’re interested in buying is before you start bidding.
So go onto a website like Property24.com
first. Have a look at similar properties in the same area. Check what properties have recently sold for.
The guide price in the auction catalogue is just that. All properties on auction have a reserve price. There’s a tendency for the bottom end of the guide price to be nearer to the reserve price, but you can’t find this out for sure.
From your investigations, work out what you’re willing to (and can afford to) pay for the property. You want to pay a price that’s less than the value of the property.
The day of a property auction
Ensure you know what your maximum bid is going to be. Whatever you do, don’t go above this.
If you don’t get a property you want, don’t forget there will be plenty of opportunities for you to try again in the future.
If you’re the winning bidder at a property auction, you’re obliged to pay a 10% deposit for the property and take ownership.
So there you have it. How to get your hands on a bargain property at auction.
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