If the property you want to buy is up for auction, you won’t be negotiating with real estate agents. You can still improve your chances if you are well prepared, unemotional and bear the following tips in mind:
- Have your affairs in order.
If you are bidding at an auction, you must have your finance ready to go and building inspections completed. Once the auction is over, you must be ready to sign
- Stand back and observe.
The body language of other bidders in the room may betray their desperation to buy, or that they are nearing their price limit
- Try to dictate terms.
Slowing the auction down, or stepping out to make a phone call to ‘try and get more finance’ will give other bidders a chance to start worrying about how much money they are spending
- Stick to your limit.
Don’t be drawn into the occasion and make hasty bids to secure the property. You might win the day, but be left with a mortgage you will struggle to service
