Golden Rules of Property Auctions

Instead of buying a home outright through a real estate agent, its now becoming a popular choice to visit property auctions to find a house or home. This can provide a gateway to getting a great property at a bargain price.  However, property auctions require a certain amount of expertise, and it is recommended that if you’re inexperienced in the auction system, it is best to stay away from property auctions altogether. There are a few golden rules that you can follow, however, if you intend to visit a property auction in finding a home.

1. Never accept what the property agents tell you! Whilst some may be honest enough to tell you the truth, it is always a rule of thumb to assume that they are bending the truth. If there is anything that you need to know, then make sure you check everything yourself. Treat everything that is said about property auctions with suspicion, and confirm everything yourself.

2.  Always be aware of the true value of the property. Get hold of sales details of similar houses to the one you are interested in at property auctions. Local councils may also provide you with a rough price guide for certain areas and boroughs. It may also be an idea to hire a surveyor to professionally value the property, if you are serious about buying.

3. Never bid at property auctions until the property reaches reserve. Until the auction reaches its reserve price, it is not for sale, so bidding on it doesn’t make sense. Some property auctions will pay “dummy bidders” in the audience to bid and increase the price. It is fraudulent, but protected from the law by a thin legal loophole that says the vendor has a right to bid on his or her own property.

4. Never reveal your highest price to anyone! Once the property auctions reach the reserve price, then the highest bidder will win. Buyers at property auctions are frequently winning auctions at a substantially lower price than they would be willing to pay, just because the sales agents don’t rightly understand the principles of negotiation: the auctions start at too low of a price, meaning it will likely finish low too. If the vendor gets wind of your highest price, then they may alter the starting bid to reflect this, meaning the property auction will finish higher.

5. Do not tell the agent anything that is important! Be vague when answering the questions that the vendors ask you. As already stated, it’s likely that the agent may deliberately give you false information in order to sway the auction. Try and not answer any questions directly – pretend to be unsure; use words such as ‘maybe’, ‘perhaps’, or ‘I’m not sure’.

As long as you keep in mind these few simple but key rules, then you should hopefully have a successful experience at property auctions. Following these rules when attending property auctions could grant you a bargain of a dream home!

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