| Make sure you are fully prepared before you decide | | | | bear in mind that the legal pack will cost you.o Do |
| to bid. A good preparation can help you calm yourself | | | | attend some auctions to get a fair idea about the |
| during the auction. | | | | proceedings. |
| Here are some tips to remember before you bid:o It is | | | | Make sure that you do not get carried away with the |
| advisable to go through the review catalogues from all | | | | attractive offers promised by the auctioneer as the |
| the auction houses thoroughly. This will help you to | | | | latter can easily bluff you wherever possible. |
| familiarize yourself with how the property is | | | | Therefore, it is good if there is a reserve price on the |
| presented.o It will be great if you try to view the | | | | property. |
| property. Besides, it is essential to have a good | | | | However, the reserve price is never disclosed before |
| knowledge of your area - prices, build prices, rental | | | | the auction begins. If the auctioneer is heard using |
| figures, etc.o Make sure that your finance and your | | | | words like "the property is in the room" or "I will sell", it |
| legal team is in place and can be accessed quickly. | | | | means that the reserve has been met. |
| Look at the ads in auction catalogues in order to find | | | | It is a very common observation that when the people |
| finance or solicitors used to meeting auction timescales. | | | | are reluctant to start the bidding, the auctioneer takes |
| Alternatively, you can also work on personal | | | | a bid from an imaginary bidder to get things moving. He |
| recommendation or chat with a few solicitors and | | | | is allowed to do this till the reserve is met. This process |
| brokers who are geared to working at auction.o | | | | is called taking bids "off the chandelier". |
| Surveying the property can prove to be of great help | | | | To conclude, make sure that you attend some |
| in arranging your finance. You can also have the | | | | proceedings beforehand so that you can have a clear |
| property surveyed for your own purposes.o Do not | | | | idea about the way in which the auctioneer operates. |
| forget to get legal packs for lots of your interest. But, | | | | |