New Home Buyers Hot Tips Part 20 Tips to bidding at Auctions:

New Home Buyers Hot Tips :

Part Twenty: Tips to Bidding at Auctions:

c.)  Most auctions require that you have a ten percent deposit organized before the auction. You maybe able to negotiate this down to a lesser amount before the auction. Have a word with the agents bring the property to the market to get this approved before the auction.

d.) If you are the highest bidder in the room and it has not reached the reserve price, the auctioneer will normally advise they are going to have a word to the owner to see if they can move the reserve price down. As you are the highest bidder you will also be put under pressure to up your current bid from the other real estate agents. They want you to move your bid closer to the reserve price. If you up your bid you are only bidding against yourself. So don’t up your bid. Let the owner bring his reserve price closer to what you want to pay.