Ren­o­va­tor’s dream

Stanthorpe Border Post - - REAL ESTATE -

FOR both buy­ers and sell­ers, an auc­tion can be a stress­ful oc­ca­sion.

It can move so quickly that you don’t fully reg­is­ter what is hap­pen­ing un­til after­wards, says Loan Mar­ket.

For po­ten­tial buy­ers, this can mean get­ting swept up in the drama and bid­ding more than you can af­ford.

To stay grounded on the day, there are sev­eral things you should do ahead of time.

The first is to speak with a mort­gage bro­ker early in the process.

They will be able to give you ex­pert ad­vice on what to ex­pect, how to work out your bud­get and help ar­range a pre-ap­proval.

Hav­ing a pre-ap­proval will give you an edge against other buy­ers who may not.

While it doesn’t nec­es­sar­ily guar­an­tee that you’ll get a loan, it shows that you’re com­mit­ted to pur­chas­ing a prop­erty.

Also just know­ing you’ve taken that ini­tial step in the loan process can boost your con­fi­dence—and when you’re com­pet­ing against a crowd of other bid­ders, con­fi­dence comes in handy.

To fur­ther stand out among the crowd, you’ll want to be calm and com­posed.

Auctions can seem in­tim­i­dat­ing if you’re not used to them, so do your re­search and ask fam­ily and friends about their ex­pe­ri­ences bid­ding so you know what to ex­pect.

At­tend auctions to get a han­dle on how they work.

There are many ar­ti­cles on­line with tips from top auc­tion­eers (like fa­mil­iaris­ing your­self with the auc­tion­eer’s style) and the dis­pelling of strate­gies (such as hold­ing back through­out the bid­ding).

This knowl­edge can help you feel more as­sertive on the day.

Lastly and most cru­cially, make sure your bud­get is es­tab­lished (which your bro­ker can as­sist you with).

Stay up-to-date with mar­ket rates to try to fig­ure out how much the prop­erty could go for.

De­cide both on what you’d like to pay for it and how much you’d feel com­fort­able go­ing up to if need be.

Iden­tify what your price limit will be.

It’s im­por­tant that you put bound­aries in place to make sure you don’t go over your limit.

Even the most sen­si­ble per­son can get dis­ori­en­tated by an auc­tion’s high stakes drama and sense of ur­gency, but once that adren­a­line dis­si­pates, you could be left feel­ing anx­ious about hav­ing com­mit­ted more than you can af­ford. Hav­ing a buyer’s ad­vo­cate or fam­ily or friends there with you can help you stay on track and avoid get­ting in over your head. Whether you se­cure the home of your dreams at your first auc­tion or be­come a reg­u­lar fix­ture at a few auctions, be­ing pre­pared will put you in a good po­si­tion to make the most out of this fast-paced event.

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