The Advertiser - Real Estate

ATTEND AUCTIONS GET PRE-APPROVAL

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Many first-time bidders make the mistake of registerin­g at an auction having never attended one before as a spectator.

Visiting a few prior auctions will help give you a feel for the atmosphere, see how auctioneer­s operate and give a sense of the precedents normally seen at auction. You’ll also get an idea of what strategies work.

This is a no-brainer. Speak to a lender or a broker well before the auction and aim to get pre-approval for a loan before bidding. This will allow you to set your budget knowing how much you can afford. It’s also advisable to research property values in the area. Find out how much comparable properties sold for in the area. Identify a “walk-away” price – the most you’re prepared to pay – and don’t offer more than that.

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