5 Ways to Overcome Your Fear of Auctions

Thought you might be interested in the article 5 Ways to Overcome Your Fear of Auctions and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.

The benefits of auction

It might seem daunting but buying at auction can actually be a great way to purchase with plenty of benefits. It’s a quick and simple process. It often takes less than four weeks from doing your research to winning the bid and signing the papers. When you go to auction, you know you can buy your house that day, without further negotiations drawing out the process. Auctions also offer a lot of transparency, and the chance of a bargain if the seller needs an urgent sale.

Yes, entering the bidding war can be terrifying if you lack the experience, but there are a few things you can do to get prepared:

Do your homework

Research the auctioning process to understand what’s happening beforehand. Visit other auctions to see how they play out and figure out the different bidding strategies. Make sure you inspect a lot of properties and see what price they sell for. You can ask the real estate agent for comparable sales in the area to help you gauge recent values better.

Pre-auction sales

Always go in with an open mind. Although it may be scheduled for auction, many vendors will sell before auction. The fact a property is scheduled for auction doesn’t mean you can’t buy it with a private treaty pre-auction. Some vendors actually have the same fears as buyers and simply don’t want to go to auction and will be happy to avoid it if possible.

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Thanks,

Tony