Having an expert attend the auction and bid for you will save you from being caught up in the emotions of the day and paying overpriced. You will be confident in knowing that you have a clear strategy in place based on your research and the property’s true market value.
Independent Auction Bidding Service Melbourne is a public event where interested buyers for the same property gather at a prearranged time and place to voice their offers for the property to a licensed Auctioneer, who will then announce each bid. The highest bidder is the successful purchaser of the property. Successful purchasers must pay a deposit (normally 10% of the purchase price) on the day and sign a contract of sale.
Navigating the Bidding Process: Independent Auction Bidding Services in Melbourne
You will want to be as prepared as possible for an auction, this includes completing your building and pest inspections, having your contracts reviewed by a conveyancer, and obtaining finance preapproval. You will also want to do your research on the property and comparable sales in the area, so you know what you are willing to spend.
On auction day, arrive early for a final open inspection introduce yourself to the agent, and review your bidding limits. It is important to have a clear limit in mind, find your absolute maximum, the figure where a dollar more is a dollar too much. It is always best to begin with a strong bid to establish yourself as a serious contender, however, some people prefer to let a few bids pass before entering the fray.