Keep­ing a cool head at the auc­tion

Lesotho Times - - Property -

IT is un­der­stand­able for first time home buy­ers to feel anx­ious, but solid prepa­ra­tion and knowl­edge of the process will help you buy the house of your dreams. With all the at­ten­dant ex­cite­ment, how can you en­sure you keep your calm be­low are some tips. Head in with your doc­u­ments pre-pre­pared

By now, you should have looked at your con­tract of sale, sought out le­gal ad­vice, ob­tained a build­ing and pest in­spec­tion (and any of your other checks and bal­ances), un­der­taken any other re­quired due dili­gence and pre­pared a cheque or other way to pay your de­posit. There’s lit­tle time to do this on the day, so hav­ing all th­ese things prepre­pared will go a long way to stop the last minute “morn­ing be­fore” rush.

En­gage an ex­pert

If you are con­cerned about bid­ding, then it may be worth con­tact­ing a buyer’s agent to as­sist you in the bid­ding process. Al­ter­na­tively, you may de­cide that bring­ing a “dev- il’s ad­vo­cate” in the form of a trusted men­tor, friend or ac­quain­tance can as­sist you at auc­tion. If you be­come more bullish un­der pres­sure, this may as­sist you in main­tain­ing your re­straint with bids.

Gauge the crowd ahead of time

Head to the auc­tion early and gauge the crowd and the ‘vibe’ ahead of the start.

If you’re head­ing in late you will be un­able to weigh up your com­pe­ti­tion and you may en­counter ex­tra stress as a re­sult.

This will help you think strat­egy and de­ter­mine whether or not you may be con­tend­ing against another buyer.

Po­si­tion your­self thought­fully

When at the auc­tion, don’t for­get to po­si­tion your­self care­fully in prepa­ra­tion to bid.

Prop­erty Ob­server ed­i­tor at large Jonathan Chan­cel­lor rec­om­mends that you never sit in the front row, or with your back to the crowd.

“Take a cor­ner po­si­tion so you can survey all your com­pe­ti­tion,” Chan­cel­lor ad­vises.

Know your high­est price

Be­fore bid­ding, you should have de­ter­mined the high­est price you’re will­ing – and can af­ford –– to pay. If you’ve made a thought­ful decision ahead of time, then this should en­able you to set your limit on the day.

If you do not make a re­searched judg­ment on the price then you may face over­pay­ing in the heat of the mo­ment.

While it is de­bat­able as to whether you should al­low your­self to push a “few thou­sand” over your set price, it’s ad­vis­able that you de­ter­mine to be com­fort­able to al­low the prop­erty to go if it sails past up­per limit

Step back Be con­fi­dent and po­lite when bid­ding, but if you find your­self get­ting caught up or con­fused then it’s time to quickly re-as­sess. Step back, re­mind your­self of the value of the prop­erty and en­sure you don’t get swept up in the emo­tion of the day.

Sim­i­larly, if you find your­self bid­ding fu­ri­ously against another buyer it is worth re­mind­ing your­self that you are both caus­ing the other to pay more. Be alert and know when to show re­straint.

— Prop­er­ty­ob­server.

Be­fore bid­ding, you should have de­ter­mined the high­est price you’re will­ing – and can af­ford – to pay.

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