Making a Pre-Auction Bid

If you’re impatient to get your foot in the door on a property, why wait until auction day? You can make a pre-auction bid to get a home before the bidding opens. Just make sure you do it right.

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Here are some tips on the steps you need to consider to get it right. From timing the offer, getting the price right and the process you need to go through to make sure it is a legitimate offer.

Getting in Before Someone Else Does

If you’re impatient to get your foot in the door on a property, why wait until auction day? You can make a pre-auction bid to get a home before the bidding opens. Just make sure you do it right and try to remove any emotions from the process.

Get it in Writing

These steps will make your offer straight to the point, and this shows the seller that you mean business.

Making a pre-auction offer is often about getting the house you absolutely want, so let the seller know you’re in this for the long run.

Make sure the price is right

Don’t jump in with an offer that is miles below the vendor expectations, as it isn’t likely to be taken seriously. In fact, it may even make the seller reluctant to work with you. We buy houses in Auburn

Making sure you have done your research is your best weapon when it comes to negotiation. Knowing the market, the value of the property you are looking at and what your best offer would be is very important.

Once you know all this, make an offer that is realistic – don’t be scared to put your best offer in as it may mean the difference between walking away with the property or not. Also remember that working for a quick purchase can mean the tradeoff is in the cost, so be wary of your budge and if the prices is too high be prepared to walk away.

Get Your Timing Right

By waiting until close to the auction date before pre-offering, sellers and agents will have a concrete idea of the interest in a property. Agents will note disclose offers to you as a buyer but may disclose what offers the vendors refused to accept. You can use this to your advantage and undercut the competition with an eleventh hour bid, and secure a great home.

On the other hand, early research and offers can get you a home before anyone else can do their homework properly.

Pre-auction offers can trigger other parties to give up early, or spark an early bidding war. Done correctly, you can cut out the competition and swoop in on a property with ease.

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Buying at Auction Step 1 – Doing Your Research

Auctions are exciting but for some can be nerve-racking unless you understand the process. Vendors want to get the highest price, whereas buyers are hoping to snap up a good deal, while the selling agents are trying to get as many bidders through the door as possible. It’s an exciting process and it can be your ticket to a great property.

However, it is vital to do in-depth research before making moves into the auction market. Here are our tips on where to look, who to talk to and what reports you should read.

When you decide to buy a home at auction, you have to treat it like an exam. And that means scrubbing up and doing your study! Knowing what properties are selling for around you is a key element of being a successful auction buyer, and there are several ways you can make this happen.

Ask an Agent

Speaking to your local agent is a quick and easy way to get yourself acquainted with the basics of the auction process. They can give you a clear picture of what is happening in your local market, recent auction results, local auction trends and clearance rates. They can explain the auction process, how it works, what is required and how best to prepare yourself. Agents live and breathe real estate so they are a great resource to tap into.

Checking Market Reports

Market reports are a fantastic for keeping up with regional market trends. They can provide you with information on the current state of the market, as well as predictions for which way it will swing. Most reports will cover key statistics such as median house prices, key market trends and much more. The knowledge gained from reports can be invaluable and can give you an edge over the competition.

Attend Some Auctions

One of the best ways to learn the ropes is to get down and see some auctions yourself. Contact your local real estate agent to find out where the next one is happening in your area and go along to watch how it plays out. Sell my house in Richmond

Government Sources

Websites like NSW Fair Trading are a great place to start when you wish to understand the legal processes behind auctions, as well as your rights and responsibilities. This is particularly important if you are bidding interstate, as there may be specific regulations you need to know.

Another similar and useful place to do your research on auctions is the Real Estate Institute of Australia, or the relevant institute to your state.

Wherever you decide to conduct your auction homework, make sure you are thorough! Understand the prices and trends in an area, and you will have made a crucial step on the way to a winning bid. Knowledge is power, and you should take in as much as you can.