Buying a home is exciting and there are many advantages to purchasing at auction. One advantage to attending an auction is you can be confident that the true market price for the property will become clear. This is because the auction process is very transparent. The opening bid is usually decided by bidders, but if no bidder puts forth an opening bid, the auctioneer may open with what is called a vendor bid. Bidders then ultimately decide on exactly what they feel the property is worth.
Unlike other methods of sale, your competition’s offers are clear, you know exactly where you stand and how much the sellers are prepared to sell for. It’s a proven system of success and you can change your mind as many times as you like.
- Preparing for an auction
- Sorting out your finances
- Doing your research
- Making a pre-auction offer
- Auction day formalities
- Making the move
- Concluding points to remember