Page 14 - Luton Properties eBook 2018
P. 14
other as the ‘designated driver” – wants and allows you to decide if it
someone who is not intoxicated by is within your budget. Don’t forget
the auction excitement and a sober – if the property is passed in, the
reminder of your limit. highest bidder has the exclusive right
to negotiate for the property, and to
HAVE A STRATEGY purchase under auction conditions
Prepare for being a bidder by (immediate exchange) up until
attending other auctions before midnight on the day of the auction.
you are ready to buy. See how they If there are multiple buyers, it is
are conducted so you know what to best not to reveal all your cards
expect. There are two main scenarios at once. What many buyers don’t
you should have a strategy for: if realise is that the serious bidding
you are the only bidder, or, if it is only happens once the owners have
a runaway auction with multiple declared the property to be on the
bidders. If you are the only bidder, market (the bidding has reached a
you don’t want to bid against yourself price the owner will accept). After
but you will have to bid to make an that point, the home will sell to the
auction happen. Often, especially if highest bidder.
the auction is slowing, the auctioneer
will make a Vendor Bid – a bid on BODY LANGUAGE
the owners’ behalf - to move the Your body language can play a role
auction along. The vendor bid can at an auction. Generally speaking,
give you an idea of what the seller those who stand with their arms
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