{"id":1112,"date":"2015-12-19T10:19:52","date_gmt":"2015-12-19T02:19:52","guid":{"rendered":"http:\/\/people.utm.my\/noorsidi\/?p=1112"},"modified":"2015-12-19T10:19:52","modified_gmt":"2015-12-19T02:19:52","slug":"tips-for-buying-at-auction","status":"publish","type":"post","link":"https:\/\/people.utm.my\/noorsidi\/2015\/12\/19\/tips-for-buying-at-auction\/","title":{"rendered":"Tips for buying at auction"},"content":{"rendered":"

Pre Auction Due Diligence
\n<\/b><\/h4>\n
    \n
  1. Have your purchasing entity organised (trust SMSF etc) if you are not buying in your own name.<\/li>\n
  2. Get a finance pre approval so you know your budget and attend the auction ready to write a deposit cheque.<\/li>\n
  3. Attend many auctions to experience the atmosphere and observe different bidding strategies.
    \nIn particular watch the auctioneer who\u2019ll be selling the property you\u2019re interested in to learn his particular techniques and the words he uses.<\/li>\n
  4. Do your research by inspecting many properties and seeing what they sell for (not just the asking price).
    \nKnow the market, know the value of the property in question and be armed with that power so you can identify a \u2018walk-away\u2019 price \u2013 the highest price you\u2019re prepared to pay.<\/li>\n
  5. Play your cards close to your chest. Real estate agents are very skilled at prying information out of potential purchasers, including the price they\u2019re prepared to pay for a property.
    \nAfter all \u2013 it is their job! Sometimes you can end up revealing things to them that you never intended to and that might be detrimental to your negotiation power.
    \nBy keeping your cards close to your chest and revealing very little about how much you might pay for a home, you maintain an advantage and ensure the agent cannot use your information to sway another potential buyer or to help the vendor set his reserve price.<\/li>\n
  6. Show your solicitor the contract and organise any amendments to the contract he suggests.<\/li>\n
  7. Consider getting an experienced buyer\u2019s agent like the team at Metropole<\/a> to bid on your behalf and level the playing field.<\/li>\n<\/ol>\n

    \u00a0What to do on the day<\/h4>\n
      \n
    1. Arrive early \u2013 survey the landscape \u2013 see who else is there. Do they look like serious bidders (they\u2019re inspecting the contract, saying the right things) or are they just onlookers.<\/li>\n
    2. In today\u2019s strong auction climate use the psychological advantage of projecting confidence \u2013 make the other bidders think you have deep pockets and no limit.<\/li>\n
    3. Open the bidding high, close to where the reserve will be (the property won\u2019t sell below this) and make your bids fast and assertive. Procrastinating or agonising over your next bid is a sign of weakness.<\/li>\n
    4. Call out your offer in full (in other words say $550,000 instead of the increments just $5,000).<\/li>\n
    5. If it\u2019s going to pass in, make sure you are the highest bidder, as this allows first right to negotiate with the vendor.<\/li>\n
    6. Be prepared to miss out. Stick to your \u2018walk-away\u2019 price. After all you\u2019ve done your homework and you know what this particular property is worth to you.
      \nIf you miss a property at auction, accept that it wasn\u2019t meant to be and look forward to finding something better soon.
      \nWhile no one likes to consider themselves the \u2018loser\u2019 in any sort of negotiation campaign, it\u2019s far better to walk away and live to fight another day than over-commit to a property you\u2019ve become emotionally blinded by.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      Pre Auction Due Diligence Have your purchasing entity organised (trust SMSF etc) if you are not buying in your own name. Get a finance pre approval so you know your budget and attend the auction ready to write a deposit cheque. Attend many auctions to experience the atmosphere and observe different bidding strategies. In particular … <\/p>\n

      Continue reading “Tips for buying at auction”<\/span><\/a><\/p>\n","protected":false},"author":18926,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1112","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/posts\/1112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/users\/18926"}],"replies":[{"embeddable":true,"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/comments?post=1112"}],"version-history":[{"count":0,"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/posts\/1112\/revisions"}],"wp:attachment":[{"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/media?parent=1112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/categories?post=1112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/people.utm.my\/noorsidi\/wp-json\/wp\/v2\/tags?post=1112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}