PROPERTY AUCTION TIPS

[Feroz Ali]

More basic Tips on Buying and Selling Property at Auction
Regardless of whether you have experience in buying and selling at auction or heading in this direction for the first time, there is always something to learn. Most of us live by the phrase 'we learn from our mistakes,' but why make mistakes in the first place if we don't have to. All it takes is some common sense and some time for research.

Below is a list of more basic tips before you buy or sell your property at auction.
First and foremost is to organise your finance. Take the time to find the best home loan for you. There are many finance venues to choose from etc: Mortgage Brokers, Banks, Credit Unions, just to name a few. Take into consideration the Interest Rates, online auction Term of the loan, fees and charges, flexibility etc. Never place a deposit on a property prior to arranging finance. If your loan is not approved you will lose your deposit, not to mention the disappointment of also losing the property.

Make sure you keep up to date with your local auction market. These details can be found in your local newspapers. Look for things such as properties sold, Properties passed in and current trends (if any) using the auction method of sale.

It is also an excellent idea to attend some on site property auctions as a spectator. You can learn a lot just watching how an auction works, you will also feel much more relaxed and comfortable on your auction day knowing what to expect.

Prior to deciding to bid at the auction make sure you have attended open houses and inspections on the property. When buying at auction it is a case of 'what you see is what you get,' therefore do not get caught having to spend thousands of dollars on what you 'did not see.' Obtain a building inspection report so you know the foundations are strong, no termites, sound structure etc. It is also a good idea to take a note pad and tape measure. Whilst at open house inspections these two items can be very useful. Before attending an open house or inspection you should write a list of things you specifically wish to check whilst you are there. If you do not have a list to go off it is likely you will forget a few things.