When it comes to property transactions, one of the most popular ways is buying at an auction. Canberra real estate has seen a surge in popularity of real estate auctions, over the last few years.
However, if you have never seen/attended/bought at a Canberra auction before, it could be overwhelming sometimes. Real estate auctions can get competitive. One wrong move can leave you regretting your decision. So, it always helps to learn the ropes beforehand.
Below are some tips that will help you to know everything about buying at an auction.
Canberra real estate market offers many opportunities to go and check out as many auctions as you’d like.
Do a background check, research the market, go and check out several properties in the area that you are interested in. Also, find our recently sold properties, and at what price. This will help you know the market and compare it to your budget.
If you like a particular property and are keen to purchase it, always better to express your interest to the selling agent. Moreover, visit as many opens you can check for repair work, pest-infestation, and likes.
Get your finances in order. To be in a position to bid at an auction, you must get your finances pre-approved, before auction day. This is because once you manage to secure the property, by calling the ‘winning bid’, the contract is signed immediately, and you will need to pay a deposit. So keep a personal check or a bank cheque with you.
Ensure that you have a driver’s licence or your passport, or any such related documents, to register yourself as a bidder. The auctioning terms are always available on request and available before auction kicks off.
Last but not least, be positive and confident when bidding. Don’t sit in the corners where the auctioneer cannot see you. Have a strong, confident body language and call out your bids in a clear, firm voice.
So there you have it! All the best from McIntyre team, for your real estate investment journey.