HOW TO BID AT AN ONLINE AUCTION
With COVID 19 changing the way the world operates, real estate businesses have had to pivot to offer buyers the opportunity to bid and secure new property via a carefully created online auction.
Here at Select First Property Group, we are excited to be holding our first online auction this Saturday the 18th of September and we thought now would be a good idea to offer some advice and guidance on how to bid at an online auction so you can feel comfortable and secure your dream property.
OUR TOP ONLINE AUCTION TIPS:
1. BOOK AN INSPECTION:
Book a private Inspection and view the property in person if you can. Feel free to ask your real estate agent lots of questions prior to the online auction.
Regardless of the method of buying, research is vital
3. KNOW THE RULES
Every online auction will have a different set of rules, It is important to know the rules of engagement.
When planning to bid, ask what ID is required, what paperwork a buyers’ agent or another representative must do to bid on someone else’s behalf, what deposit will be required, what payment options there are and so on.
“Auctions are high-pressure situations and having everything in order ahead of time will help you feel more in control.”
4. REGISTER AHEAD OF TIME
If you leave registration to 5 min before the auction it can be stressful to get all the registration answered and details set up to bid. We use 'Auction Now' which you can also register to follow an auction. It might be a good idea to do this to get the feel of an online auction before the one you want to bid on comes up.
5. GET FINANCE SORTED
Know how much you have and can borrow. Stick to your limits and remember to keep you cool when bidding.