With the vast majority of property sales happening through auctions these days it’s a good idea to know how to play the auction game before you turn up. If your nerves are up to it though, there’s nothing wrong with winging it. A few tips to help in your preparation are:

• Put in an offer before the property goes to auction. The realtor is required by law to pass the offer on to the owners. But be really sure you want the property – if the owner accepts; you are legally obligated to go through with the sale.
• Go to a few auctions before participating to get a feel of how they work and what’s required.
• Decide upon an amount that you’re prepared to pay for the property and stick to it!
• You don’t have to go to your loan limit!
• If there are 2 or more of you decide who is going to be doing the bidding prior to the auction, there’s nothing worse than bidding against yourself.
• If you intend to by at auction come prepared with a 10% deposit as this will be required there and then when you sign the contract.
• Don’t be intimidated by the real estate agents and don’t let them bully you in to placing another bid – it’s your money Ralph!
• Don’t buy on emotion.