How To Succeed In A Property Auction - By: Kirsten Hendrich

There's nothing more frustrating than losing your desired home at a property auction last minute. You may have walked away thinking there was nothing more you could have done to have bagged your new home. However, there are a few simple things you can do to help your case along and get your dream home for a bargain.

So many people enter the auctions unprepared so it is important for you to do your homework and carry out some simple procedures to ensure you have more of a chance of winning your home at the auction. It is advised that you use an agent to take with you as then you will not be required to do the bidding yourself which could save you from the stress of going it alone. If you choose to use the services of an agent then they will be able to take your instructions. However, if you choose to do the bidding yourself then something as simple as where you position yourself in the room could be the difference between being the winning bidder and losing out. It's easy to say but if the auctioneer can't see you clearly then he may not be able to register your bid, so make sure you are in his or her eye line. Again, it seems like a point that goes without saying, however ensure that you extend your arm fully so you are noticed.

If the idea of attending a property auction terrifies you, then you can take the virtual approach, and bid for a home online. You can request the auctioneer to add your bid to the live bid which means that you will still be in the running for your desired home but you will remain anonymous during the process. You should also be aware of fake bidding which is an approach that some auctioneers decide to take. The idea of fake bids comes from an auctioneer who acts as if they are receiving bids for a certain property, but in reality there are no bids on table. The auctioneer is only allowed to go up to the reserve price in this instance. The aim of fake bidding is to attempt to create interest in certain properties that may not be doing well. If you can spot any fake bids then you will know there is a lack of interest in the house and then you can swoop in and snap up your property for a bargain price. Another approach you could take if you feel like taking the risk is to wait until the closing minutes and jump in with an offer that is sure to secure your dream home.

Finally, and probably the most important tip you should take on board is to visit a property auction before you intend to go to bid at an auction because then you will be able to see how the process works and become acquainted with the situation so you can calm down any daunting feelings you may have.

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