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Tips to Know Before Bidding in an Auction

By Matt Hurlston

With the spring auction season heating up, Minister for Consumer Affairs Heidi Victoria has brought attention to some important tips for those new to auction sales.

Before attending an auction, it is best to do research on the market value of the property, she says. Attend other auctions in the area to gain understanding on the price range your desired property may sell for.

If you have a budget, be realistic and try not to let emotions cloud your judgement. Because of the competitive nature of a live auction, it is easy to get caught up in the heat of the moment and make hasty decisions. Unfortunately with an auction, you cannot change your mind once you have bid.

It is important to remember that when you win an auction, you cannot change or add conditions to the contract. Asking for a building inspection or getting finance is a lot more difficult after the close of an auction as these conditions are usually organised before or during a sale.

Don't be afraid to ask questions during the auction. Even during the bidding, the auctioneer can answer any reasonable questions about the property, the contract or the auction.

Those interested in bidding in an auction for Carnegie real estate should speak first with real estate professional Matthew Hurlston at Ray White Carnegie for even more tricks and tips.

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