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Seven ways to win at auction


There are several ways to buy a house and an auction is one of them. Auctions are a great way to pick up a bargain but also a sure fire way to get yourself into trouble. I've collected a few tips to help you if you're buying at auction.

1. See your mortgage broker early enough to know what you can spend!!!

2. Look multiple times - Do as many inspections as you need to. Think about things such as building inspections before auction day.

3. Get your paperwork ready - Engage your solicitor or conveyencer to review the contract before you bid. Check with your legal representative about any rules around auctions and what you may or not be able to do on the day or straight after.

4. Know your market - Do your homework and talk to as many people in the industry that you can. Get information about similar houses, that street and that suburb.

5. Set your limit and stick to it - Be confident in your bids and don't let the emotion of the purchase influence you.

6. Watch a few auctions before the one that you plan to bid at - This gives you exposure to how things can play out.

7. Get help if you need - Consider engaging the services of a Buyers Agent who may be able to bid on your behalf. They know a lot about auctions!

Extra auction day tips - Stand where you can see the auctioneer clearly. Look the auctioneer in the eye and sound confident with your bid.

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