{"id":6044,"date":"2017-09-02T03:19:07","date_gmt":"2017-09-02T03:19:07","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/bidding-at-auction\/"},"modified":"2017-09-02T03:19:07","modified_gmt":"2017-09-02T03:19:07","slug":"bidding-at-auction","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/bidding-at-auction\/","title":{"rendered":"Bidding at auction"},"content":{"rendered":"

<\/p>\n

\n

Auctions are very different to regular sales. As well as being full-on and fast, they are unconditional. When that hammer falls, the property is SOLD.<\/strong><\/p>\n

Preparing well for that fifteen minutes of auction action is essential for buyers.\u00a0<\/span><\/p>\n

\"Auctioneer<\/p>\n

As soon as the hammer falls at an auction the property is sold. Picture: realestate.com.au<\/p>\n<\/div>\n

While many buyers seek comfort in the protection of finance clauses, building inspections and cooling off periods, those who fall in love with an auction property face the prospect of an unconditional purchase.<\/span><\/p>\n

Auctions are a nerve-wracking experience for most people. Preparing to bid with confidence requires a plan, it also helps to go in<\/span>\u00a0armed with a sensible top end figure. This number should take into account a combination of comparable sales, a competitive position to challenge the observed level of interest, and a limit to reflect the buyer\u2019s risk-profile and budget.<\/span><\/p>\n

Get in position<\/h2>\n

On auction day the strongest bidders position themselves where they can see the auctioneer and the competing buyers clearly. They bid with confidence and they don\u2019t consult other people. <\/span><\/p>\n

Giving the crowd the impression that you have ten million dollars in your pocket can go a long way! And d<\/span>onning a pair of dark glasses is just the start of the intimidation game. <\/span><\/p>\n

Giving clear and loud bids in rapid succession can make all the difference. A clever bidder\u2019s job is to shake off the competition and shorten their thinking time. Other bidders who are less prepared and considering making higher bids will struggle to keep up with a quick-fire and confident bidder.\u00a0<\/span><\/p>\n

A sign of good bidding is when other bidders are reluctant to continue bidding \u2013 despite their financial ability to do so\u2013 due to the perceived dominance of the strongest bidder.\u00a0<\/span><\/p>\n

Next up, find out about passing in at auction.\u00a0<\/p>\n

Cate provides\u00a0opinions based on current market conditions. These opinions should not be treated as investment advice. Always obtain advice based on your individual circumstances.<\/h6>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Auctions are very different to regular sales. As well as being full-on and fast, they are … Bidding at auction<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6045,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[5319,5306,5307,5308,5320,5321,5309,5310,5311,5312,5313,5314,5315,5316,5317,5322,1403,5318,15239,41,818],"class_list":["post-6044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-bidding-at-auction","tag-bidding-at-auction-and-not-paying","tag-bidding-at-auction-in-sa","tag-bidding-at-auction-in-victoria","tag-bidding-at-auction-melbourne","tag-bidding-at-auction-nsw","tag-bidding-at-auction-over-the-phone","tag-bidding-at-auction-strategy","tag-bidding-at-auction-subject-to-finance","tag-bidding-at-auction-tactics","tag-bidding-at-auction-tips","tag-bidding-at-auction-with-conditional-approval","tag-bidding-at-auction-with-pre-approval","tag-bidding-at-auction-without-finance","tag-bidding-at-auction-without-pre-approval","tag-bidding-at-auctions","tag-buy","tag-buying-at-auction-uk","tag-chase","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/capi_d90b933671700a983672aac2f7d2c7cb_4543bcf67bb6fcf0a52618fa63a08059.jpeg?fit=1023%2C576&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7281,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-to-bid-at-auction-over-the-phone\/","url_meta":{"origin":6044,"position":0},"title":"How to bid at auction over the phone","author":"Amazing Property","date":"November 29, 2017","format":false,"excerpt":"Mobiles are ubiquitous in modern life, so it\u2019s not unusual to see someone bidding at an auction on one. 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A fast-talking auctioneer stands in front of a property and takes bids from eager would-be buyers, before the hammer drops and it\u2019s sold amid a flurry of waving hands and pointed fingers. In the real world though, it\u2019s more complicated. 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