How to Prepare Yourself to Buy on Auction Day

Jul 29

Auctions are thrilling events which never fail to cause excitement, and this is even more apparent when the stakes are high. Buying a house through auction can be a great way to find your dream home for the perfect price, however there are a range of things you should know before you raise your hand to bid. Here are some important things to keep in mind when preparing to buy a home on auction day.

Essential Inspections

Before you even think about bidding on a house, it’s essential that you make several inspections to be sure that the property is truly what you are looking for. After all, the last thing you want to do is spend all your money only to find that the house is falling apart at the seams and requires extensive repairs. By taking a look at everything from the foundation to the gutters, where you may have to contact professional Tampa Gutter Installers to fix the problem for you, you’ll have a rough idea about what will need doing if you decide to go ahead and bid on the property.

At the same time, it’s important to build a good rapport with the real estate agent who is looking after the house, as they can give you important insights as to house prices in the area, what you might be able to expect when it goes to auction, as well as the condition of the houses that are at the top of your list.

Alternatively, you could consider browsing through auction sites such as or other similar ones so that you may be up to date with recent listings, the last bidding price, and other factors. As there may be chances of you finding a vintage/heritage property listing on such sites, browsing through online property auctions could be a good idea too. Once you are happy with your selection of the house and have a good idea of what it might be worth, you can start preparing for the auction itself.

Practice Makes Perfect

It’s a good idea to attend several auctions in preparation for your first attempt at bidding. This allows you to get a better feel of the auction process, and pick up some important insights on what to do when you’re looking to be the strongest bidder. Picking houses pitched similarly to the one you are interested in can give you invaluable information on how the bids might escalate, and how high the end price will go.

Have Your Finance Ready

One of the most important things to remember is that bidding in an auction means that you legally agree to buy the property should you be the winner. With this in mind, it is essential to have your finance ready to go so that you can walk into the auction in a clear frame of mind and be ready to sign for the house. Click here for a review on one of Australia’s leading home loan lenders, and find out how they can help you to get the right loan for the house of your dreams. Well, lending is an option available not just for Australians, but for everyone across the world.

If you choose to take out a loan, however, be prepared to pay the interest payments that come with it. Take the time to read the loan terms and conditions carefully and make sure you understand all the implications of borrowing. In case you are not prepared to pay the hefty sum, you should look for other alternatives. One of the best options, if you have plans of selling your existing house could be to finalize its sale beforehand. This way, you will have a fair idea of how much money the house will bring and how much more you need to arrange. Selling it to a firm like We Buy Houses County Wide ( could fetch you a comparatively better price, especially if your house is in need of significant repairs.

Sticking to Your Limit

On auction day, it’s normal to feel a twinge of nerves as you get ready to bid for your ideal home. By knowing your bidding limits, you can work on controlling your nerves and focusing instead on making clear, confident bids. If it looks like the bidding is going past your set limit, you need to have the strength to accept that you have placed your final bid and should start looking for a new property. When preparing for the auction, if you feel like you may get carried away with the bidding, you can use an agent, friend or family member to bid for you and ensure that you don’t go over your limit.

By being prepared and planning ahead, you are giving yourself every chance of success when bidding for your new home. With these tips in mind, you can enjoy the exhilaration and adrenaline of buying at auction, and feel ready to make the most exciting purchase of your life!