How many times have you been to an auction, seen the bidders registering, only to have only 1 or two of them, and sometimes none ever get involved?
Fascinating don’t you think?
So many buyers, especially first home buyers or those inexperienced with the auction process, worry about ‘looking silly’ especially if they want to come with an opening bid that is really low.
But I figure, if you look at the process as an opportunity to check out your competition, you’ve got a whole lot to gain, and provided you keep your head and bear in mind what you feel is a fair purchase price, – not much to lose.
No one wants to look desperate when they’re selling, so buyers can’t be sure that the seller isn’t going to accept the best offer he/she gets on the night. Throw in an opening bid – or get your real estate agent to do it for you – and it doesn’t matter if it’s low. Chances are, it will bring out other bidders so you can see your competition, and you may well get a feel for how serious they are by the speed and enthusiasm (or otherwise) of their bidding.
Remember your limit, and comparable properties you’ve looked at.
Most sellers are keen to sell under the hammer, and may be open to what the market is offering simply to close the process unconditionally and move on. – You might just come out with the prize of the day!
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