What advice would you have for somebody starting in property auctions?

[Luci]

6 Steps to get you ready to BID:
1. Research
2. Get your finance approved
3. Consult with your solicitor
4. Register your interest
5. Decide on your strategy
6. Never make the first bid

 

[nmb]

I recommend:-

Visiting the property(s) in person before the auction
Researching the local market
Don't get carried away in the auction
Have a top figure in mind (although you can be a little flexible)

I like the idea of never making the first bid, wait until near the end when the "fluff" bidders have dropped out.

 

[Steve Banner]

I would say that it is imperative to get the legal pack relating to the property checked by a good conveyancer/solicitor before you go to the auction. This can be quite expensive with some firms, but it is worth every penny.
Also be careful if you are relying on a mortgage. These can be hard to get through in the current climate, and can take far too long even if the bank does grant it eventually.

 

[Conrad Paton]

Hi All,

Legals, research and property inspections.

As for never making the first bid??

So long as you win the property for your max allowance you can make the first bid!

Just be sure your LAST bid is at your maximum, that's the skill, it takes a quick mind and maths sometimes.

Stand at the back where the auctioneer can see you and you can see all of the room and Bid big and bold like you mean it.

If the bidding is creeping up, big bigger and knock out the competition, but always stay within your pre set limit.

Conrad

 

[lookinginvest]

It sounds as though bidding at an auction is as much about determiniation and control as it is mind games with other bidders!

As long as you stay within your pre set limit there is no real danger in trying to take control of the auction. He who dares Rodney!

 

[Conrad Paton]

If you go to every viewing of your chosen property, you will gauge the level of interest in that particular auction lot.

You can then formulate your bidding strategy to suit ahead if time.

 

[Steve Banner]

Hi,

No you do not need confirmation of an agreement in principle. The reason for this is purely for your own peace of mind so that you know that you can obtain a mortgage (if you need one)
Darren

Hi Darren. In my experience with mortgages generally, an Agreement in Principle is of course very important, but by no means (especially these days) means that you're going to get a mortgage. And even if you do, it wont always be before the deadline, as the underwriters bounce it backwards and forwards.

 

[Steve Banner]

I would say that it is imperative to get the legal pack relating to the property checked by a good conveyancer/solicitor before you go to the auction. This can be quite expensive with some firms, but it is worth every penny.
Also be careful if you are relying on a mortgage. These can be hard to get through in the current climate, and can take far too long even if the bank does grant it eventually.

Can anybody recommend a speedy, efficient, and reasonably priced conveyancer who will check legal packs as well as do the conveyancing? I'm getting a bit fed up with mine! Thanks

 

[Conrad Paton]

I read my own legal packs.

Once you know what you are looking for they are fairly simple to understand.

Leases, land tegistry titles and plans...I can teach people aswell if anyone is interested.

Conrad

 

[Steve Banner]

I read my own legal packs.

Once you know what you are looking for they are fairly simple to understand.

Leases, land tegistry titles and plans...I can teach people aswell if anyone is interested.

Conrad

Thanks Conrad

 

[Longterminvestor]

Do you offer courses @Conrad Paton ?