Preparing for an Online Auction: What You Need to Know
In the past, attending an auction meant showing up in person, but with technology, online and phone bidding have become more common. While it may seem like you can simply log on and start bidding, it’s important to take a few steps beforehand to ensure you’re fully prepared.
Check Out the Property in Advance
Before auction day, make sure the property is right for you. If you can’t visit it in person, ask the agent if they can arrange a video walkthrough. This will give you a closer look at the property without having to attend an open house.
You should also take the time to research the neighbourhood. Look into the amenities, lifestyle benefits, and anything that might not meet your needs. Also, reviewing recent sales of similar properties will help you understand the market and set a realistic budget for the auction.
Get Your Finances in Order
Whether you’re bidding online or in person, securing pre-approval for your loan is essential. Without it, you risk winning the auction but not being able to complete the purchase, which could result in losing your deposit.
Pre-approval will not only give you confidence but also set clear limits on how much you can afford to bid, so you don’t get caught up in the heat of the moment and bid beyond your means.
Ready to Bid?
In addition to financial preparations, make sure you’ve completed important inspections, such as pest and building checks, before auction day. Knowing the property’s condition ahead of time will give you peace of mind.
Also, take care of the technical details. Speak to the agent and register as a bidder before the auction. This gives you time to set up your profile, submit any required documents or deposits, and familiarise yourself with the online bidding platform. This way, you’ll be comfortable using the software when the auction begins.
Getting everything in place before auction day ensures a smoother experience and gives you the best chance of success. If you need help navigating the process or want more details about an upcoming auction, don’t hesitate to reach out. Our team is here to help you every step of the way!