Things you should know about Property Auctions

So, you’ve bitten the bullet and decided to try and buy BMV property through an auction. Hopefully you have chosen to do this having spent some considerable time researching and attending previous auctions so you have got a feel for what they are like, what the process is and how the format works.

Here are just a few reminders for you prior to your big day:

  1. Before bidding takes place it is a good idea to get pre-qualified by a lender so you know that you have the financing on the spot if you are the successful bidder.
  2. When the hammer goes down and the auctioneer says sold, that property is yours. There is no going back at this point so you need to have made sure you have researched the property well and are certain you want it.
  3. On any given auction day it is quite possible for twenty plus properties to be up for auction and each one could take as little as an hour to be won, so you need to be on the ball and make sure you are ready for your ‘lot’. If you snooze you lose.
  4. Keep to budget. One of the biggest pitfalls people face is when they get too excited and end up bidding more than they have originally allowed for the property. This can lead to all manner of problems so stay disciplined.

Of course, these days, auctions can be even easier than this. Surf online and you will come across Property for sale by auction online, which makes the whole process as easy as bidding for something on your other favourite online auction sites.

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