Buyers should always well be prepared before going into any auction. Here are some guidelines every savvy bidder needs to know before entering an auction.
Some auctions require the winning bidder to pay immediately after the auction closes. It's advised to have cash on hand to pay for the bid, as well as the minimum for the down payment on the property.
Smart bidders always have a strategy when they're at auctions and they stick to their strategy no matter what. Have your plan in place and stick to it. During the auction bidding process you should already know what the maximum price is that you are willing to bid and have the ability to know or surround yourself with people that would know how much it would cost on average to repair or update the property being bid on then estimate a cost for any hidden items that may be uncovered after purchase that need to be taken care of. The point of bidding at auction is finding a good deal for a property that may otherwise be sold for much higher if in pristine condition but making a mistake during the bidding process could wind up costing you thousands and blowing your price advantage.
Research the property
Know the property as best you can before bidding on it. If information is posted about the property, especially if it includes the address, always take the time to check the property out in advance of the actual auction. Look for internal and external damage, new developments that might cause the price to rise up, and talk to neighbors about the area if you are unfamiliar with it.
Know what type of auction you are getting into
There are different types of auctions, as well as in different formats. Make sure you know what kind they are before entering them, and participate only in the auctions that are best suited for you.
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