Found that dream property you're desparate to buy but nervous about the auction coming up?
Buyers can have a fear of auctions for a variety of reasons; some feel the process is stressful, others have a fear of paying too much and some are afraid of being tricked into paying more than they want to.
Overcoming this fear is simple when you understand how an auction is conducted and how to go about bidding.
Vendors will set a confidential reserve price which is a figure at which the Auctioneer is authorised to sell the property - unless this price is reached during the auction the property cannot be sold without further consultation with the vendor.
Buying at auction can be stress-free when buyers bid with a three figure strategy which is predetermined prior to attending the auction:
- the first is a price you would like to pay for the property;
- the second is a price you would still be happy to pay; and
- the third is a walk away price.
As long as you don’t exceed your walk away price, the fear of buying at auction is eliminated.
EVES has a comprehensive buying at auction video outlining how to buy at auction in depth so contact your favourite EVES salesperson and they will provide this for you.