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8 Things to Never Do at Property Auctions

Posted on by adminsep1607

property-auctionKnown as an accelerated marketing and competitive bidding process that involves a public sale of real estate assets, property auctions have long been a favorite avenue amongst investors and even sellers.

But as someone who wishes to bid and score a great deal, there are a number of things that one should never do at one of these property auctions. Care to find out what they are? Read on.

  1. Never come unprepared. Know everything you can about the auction from the organizers to the procedures to the location to the assets being held up for sale. Research is crucial and it can spell either the success or demise of your game.
  2. Never forget to prearrange one’s financing. Before participating to bid, be sure that you have the resources necessary to complete the transaction should you be awarded as the winning bidder. In most auctions, a security deposit will be asked of participants and a winning bidder will be required to pay upfront costs with the remainder to be paid depending on the terms set by the selling party. Failure to do so will strip you of the chance so be sure that your finances are ready and accessible.
  3. Never overlook inspections. Chances are, you’ll get a brochure or newsletter prior to the bidding day. That or you can look things up on a website. It’s a must because this is part of preparation. One has to peruse the available properties to better gauge which ones would fit your needs. That and you’ll need to pay it a visit much like an open house and get in surveyed by a professional.
  4. Never overspend. It’s a no-brainer but a lot of people still commit the crime of going beyond their budget. Prior to the auction, make it a point to set a bar and stick to it no matter what. Never let emotions ride over your senses because this is still business regardless if you are purchasing for personal or commercial use.
  5. Never be too transparent. When attending property auctions, make it a point to keep your cards as close to your chest as possible. Don’t be too obvious or even chatty to both co-bidders and sellers about your plans, which assets you like and how much you are willing to spend on them. That information might be used against you.

Property Auction Tricks from the Pros

Posted on by adminsep1607

property-auctionsA property auction is one of the first things that come to mind when individuals and businesses would want to invest in or purchase a property either for personal use or business purposes. And we don’t see why not.

Just like any other auction, it is a course of trading assets by offering them up for bid, taking bids, and then selling the item to the highest bidder. The charm of this method of acquiring properties lies in the cost savings. It is possible to score a property at a price far lesser than its current market value here.

Many assets being sold in such auctions are products of bank foreclosures. Some sellers also engage in it due to a poor market so it is their best option to try to decrease losses. This is why these sellers are more willing and likely to accept an offer even if the price does not equal to or exceed market values. This is beneficial on the part of buyers like you. It gives you an opportunity to get a great property at a much lower cost.

Of course, these property auctions are not for everyone. It certainly is not for the faint hearted either. You need to be both knowledgeable and skillful in order to strike a good deal. To help you with that, we’ve compiles some expert tricks that can help you.

First, be knowledgeable about market prices. Just because you’re in an auction doesn’t mean that sellers won’t try to raise the sales price. They will if given the opportunity. After all, they are still aiming for profits. This makes it all the more important for you to research on the actual prices of certain properties in the market. Be aware of their characteristics and what drives their values up and down.

Keep your cards as close to your chest as possible. Do not let anyone especially the sellers and agents know how much you are willing to spend on an asset held up for grabs. If you do let them in on it, they are likely to increase their minimal asking price to equal your maximum spending capacity.

See to it that your finances are kept in check. In a property auction, certain agreements and procedures will have to be laid down. For example, if you cannot provide for the payment being asked of you, the asset will be given to the next highest bidder. You cannot simply bid and then not mean it.