Are you about to bid on your dream home at an auction? We’re here to help! Here are 5 auction bidding tips to help you get the house you want and deserve.
There’s no moment like the moment you find your dream home. The years of searching, the frustration, and heartaches are finally over.
But now, the perfect home, the one you’ve always dreamed of, is yours. Well, almost.
The only thing standing in your way is a room full of other buyers who love the house just as much as you.
If you’ve never attended an auction before, it can be a bit intimidating. It’s loud, fast-paced, and there’s no guarantee you’ll get what you want at the end.
That is unless you read this helpful list of auction bidding tips to help you land that dream home!
1. Know What You’re Looking For
Before setting foot on the property, you’ll need a clear understanding of what your dream home entails. What kind of neighborhood would you like to live in? What type of architecture are you after?
Sure, you can just wing it until you see it, but that’s going to cost you tons of time and money.
The process will be far easier if you communicate with your realtor ahead of time. He or she should be able to point you toward neighborhoods with homes close to what you’re after.
Moreover, they’ll know where all of the home auctions are and will be able to provide valuable knowledge and advice.
2. Set a Budget Ahead of Time
Of all the auction bidding tips you’ll see, this is perhaps the most important.
Buying a home is expensive, even if you take out a loan. It’s important that you have a well thought out budget before attending the auction.
Walk into the auction knowing how much you’re willing to spend. Know that it’s better to walk away than break your budget and end up with a home you can’t afford.
3. Arrive Early
There are likely other prospective buyers scoping out your dream home, so make sure you get there on time. It’s recommended that participants arrive at an auction early to get the best seats and fill out the necessary paperwork and cards.
Furthermore, the extra time will allow you to hear the auctioneer’s terms and conditions. Walking in late may result in unclear bids, and the last thing you want is a nasty surprise.
Try and arrive at least 30 to 45 minutes early.
4. Research the Property Beforehand
Speaking of nasty surprises, make sure that your dream home isn’t going to cost more in repairs than it’s worth. It may be a beautiful home, but part of your budget should be allotted to repairs.
Imagine winning a home and spending thousands of dollars only to discover rotting baseboards or mold you didn’t know about.
Do your research beforehand.
5. Stay Calm
Finally, auctions tend to get competitive. Of course, that’s part of the fun, but you’ll want to remain calm.
If you’re a competitive person, it can be tempting to outbid someone even if you don’t have the money to spend. Make sure to keep your emotions in check throughout the day.
Time to Put These Auction Bidding Tips to Use
Whether you’re looking to buy or sell, home auctions are a great, quick way to find a great home.
Are you interested in finding your dream home? Be sure to get in touch today and ask how our agents can help! The home of your dreams is just a few short clicks away.