Don’t let emotions get in the way when bidding at property auctions

[nmb]

We have all heard the stories of people going to a property auction and bidding on a property which only caught their attention on the day of the auction. To make money out of property auctions you need to be focused, clinical and keep to a predetermined strategy. Letting your heart rule your head and bidding more than you had in mind is crazy.

Sometimes it is better to walk away from a property deal rather than chase the price up to levels which will eat into your profit. Pick and choose your targets, pick and choose your budget and eventually you will find that bargain.

 

[Nicholas Wallwork]

Good advice there... Make sure you know your numbers and don't bid above a margin that makes the profit you're looking to achieve...

You might be up against someone who wants it for their home and they will always pay more as its emotional for them so don't try and compete...

 

[KGeeson]

I'm still amazed how many people don't read the legal pack fully, or don't even visit the property first before bidding! It somehow seems that anything bought at auction must be a total bargain - but not always the case if there are hidden problems and the property becomes a money pit!

I've never been to auction myself but it does look like fun! I can see how people get carried away bidding "just another £2k" and so on and so forth!

 

[nmb]

While it is possible to find all of the information you require about an area on the internet, nothing beats actually visiting a property before you buy it. Auctions can throw up some great bargains but you need to be cold and clinical in your approach – don’t let your heart rule your head.