Arranging your finances before auction will help you set your own bidding limit and put you in the position for a successful negotiation.
To get you in the best shape possible for this, you should consult us first before attending the auction.
We will be able to help you:
- Find out how much you can borrow
- Arrange finance pre-approval before the auction
- Arrange finance before selling your existing home
- Organise a deposit, including deposit bonds
- Establish how your existing loan shapes up against others on offer
In addition to this, it is important that you finalise any home loan arrangements as a deposit of at least 10% of the purchase price will need to be paid when the auction ends. You will need to ensure that these funds will be readily available.
You should remember that the auctioneer is working for the seller and their job is to get as good a price as possible. The more auctions you attend, the more adept you will get at recognising the sales tactics they will employ to increase momentum and excitement so that people will be encouraged to bid.
Before attending an auction, you should establish a game plan which outlines your own tactics and stick with them. You should never bid before you have to and instead you should wait until the reserve price has been reached before making a move.
Contact us for advice before you decide to attend an auction for the property of your dreams.