Property auctions have come to gain a lot of popularity in the real estate investing world all thanks to the benefits it brings; however, one can never fully take advantage of such perks if you do not know how to navigate your way around. You need to be well informed, adequately skilled and prepared to earn a good win. With that said, here are some reminders when attending property auctions.
- Make sure that your finances are ready. Most auctions will require a security deposit from participants. Moreover, garnering the spot as the highest bidder will require you to conform with and provide for the requirements asked by the seller. In majority of cases, an upfront payment shall be provided with the remaining balance to be completed within a given time period. You need to come ready. You simply cannot bid and not have the capacity to pay up what you said you would.
- Assume that agents are lying to you. This is a rule of thumb that you should do well to remember. Agents are likely to sugarcoat a little if not more. They are after all aiming for a sale. Of course, not everyone is like that but it’s best to be safe than sorry right?
- Have the property checked first. Before the day of the auction itself, do your research ahead of time and investigate about the assets being held up for grabs. You may even want to drive through and visit if you can. Hiring a surveyor to check will also be beneficial so that you are provided with professional advice and assessment on the real condition of the asset.
- Determine the real value of the property. This is crucial because you do not want to spend more than what something is actually worth. Who would want to overpay right? Remember that the very charm of auctions lies in the possibility of getting an asset for a price lower than what it usually sells for in the market. Failure to check the numbers can put you at a serious disadvantage.
- Loose lips sink ships. In other words, do not tell the auctioneers or agents anything of importance about you, what you are looking for and up to how much you are willing to bid. Keep your cards as close to your chest as possible. This is to prevent anyone from taking advantage. Instead, do the asking when attending property auctions. Visit singerviellesales.com.