Tips For Buying A Property At An Auction

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					Although property auctions used to primarily be reserved for the exceptionally
wealthy, more people than ever before are trying their hand at in all around Australia.
Ask any Brisbane financial services company and they will tell you that they are
approached all the time by regular people who are interested in buying a new home
via auction. If you're one of them, there are many financial things that you need to
keep in mind in order to be successful. Below, we take a look at a few of the more
pressing ones.

Get A Feel For The Price Range -

There's no point in even looking for a loan if you aren't even sure what the going rates
are for homes in your area. Also, knowing what a fair price is can help you avoid
getting ripped off.

Get An Independent Valuation Done -

If you have your eye on one property in particular, have an independent valuation
performed on it prior to auction day. All too often, people get their hearts set on a
particular home only to discover that it wasn't worth nearly what it was auctioned off
for.

Arrange Lending Ahead Of Time -

Pay a visit to Brisbane mortgage brokers in order to determine what your options are
in terms of loans. Usually, 10% is due when an auction closes; the rest is due at the
end of the settlement period.

Don't Bid Until The Auction Reaches Reserve -

Until the reserve is met, the house isn't officially for sale. The reserve represents the
lowest price that the seller is willing to go down to. Keep your high price close to
your chest and never reveal it to anyone.

You Do The Asking -

Never answer an auction agent's questions about your intentions concerning a
property up for bid. Instead, make it a point to strictly ask the questions. Make it clear
that you will, under no circumstances, answer any questions posed to you.

Stick To Your Guns -

Before the auction starts - before you even leave to go attend it - set a firm maximum
price. No matter what, do not waver from it. In all of the excitement, many people
become swept up and end up bidding much more than they can truly afford to.
Watch And Learn -

Optimally, you should try to attend a lot of different auctions before attending one that
you'll actually be bidding at. This way, you can learn the ins and outs of the process
and become more comfortable with it, too.

Get The Right Loan -

Always remember that agents almost always underquote. Plan your Brisbane home
loans accordingly, and everything should fall into place just fine.

				
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