How to Bid at a Property Auction Like an Expert – 5 Tips You Won’t Regret Learning!

Property auctions aren’t just for investors anymore. But they also aren’t for the faint-hearted! As soon as the auctioneer drops the hammer, the property is yours and there’s no turning back (sort of, anyway!).

Buying a property at auction is a quick process. As soon as your bid wins, you pay the deposit and the keys could be in your hands within a month. That’s why it’s always best to be prepared before you bid.

If you’ve never been to a property auction before, here are five tips on how to bid like a seasoned expert!

1. Always View the Property First

Just because the property is up for auction, that doesn’t mean you can’t view it. Since the turnaround time between a house going on the market and the date of sale is relatively short, open houses are the norm.

If you want to bid at an auction like a seasoned expert, make sure you always view the property in person first so you know exactly what you’re getting yourself into.

2. Check Legalities

Unlike traditional homes, auction properties are always marketed with a legal pack. If you’re serious about bidding, get legal advice on the paperwork first. Sometimes, things are hidden in the fine print that are easy to miss.

To prevent any mishaps, get your solicitor to give the documents a once-over before you bid. It’ll be well worth the investment if they find something major!

3. Set Your Limits

With something as fast-paced as a property auction, it’s easy to get caught up in the moment and do something you regret. To avoid a panic purchase, set yourself a maximum budget and stick to it.

If you’re bidding at an online auction, setting your limit is usually much easier than when you’re in person. You can set a maximum bid price on the system that automatically stops when you reach your limit.

4. Do a Test Run

Bidding at a property auction can seem daunting. To help you prepare, give it a test run and sit in on an auction before you plan to bid. Take note of things like the auctioneer’s pace and what terminology is used. If there’s anything you don’t understand, you can look it up before your next visit.

When you know what to expect, you’re more likely to feel calm and collected when it comes to making your bid.

5. Sit at the Back

Unlike school, sitting at the back isn’t just about looking cool. It’s strategic! Seasoned bidders position themselves at the back of an auction house so they can easily keep an eye on competitor bidders.

If you want to have a good view of the room, sit at the back. Just make sure the auctioneer can still see you.

Looking to Buy at auction?

Property auctions aren’t for everyone and you can’t always find what you’re looking for. Whether you’re looking for your dream home in Hailsham, East Sussex or a new renovation project, Crane and Co Estate Agents could have the perfect property for you!

Give us a call today on 01323 440678 or email us at sales@craneandco.co.uk to learn more about the properties we have available in Hailsham, East Sussex.