Bidding at an auction
Just giving a wink, a nod of the head, a wave of the hand, or raising a card, is not the only thing you need to do to bid at an auction. Here are a few others. 1. Knowing why you are bidding is a great thing to have fixed in your head before you start. 2. Having the amount the property was valued for, is another good piece of information. 3. Knowing what your limit is. 4. Listening to how the others bid. 5. ทาวน์โฮมมือสอง Noting what increments the auctioneer and bidders are using. 6. Looking at the other bidders and seeing what reason they may have for wanting the property.
1. Knowing why you are bidding means you have a purpose, a plan, and you stick to it. Because you know that this auction is just part of the larger plan you have to buy a home. And if this one does not work - then you know you will be applying the same plan to another property. You have this as your plan, so that you do not spend more than you know you should!
2. The research into the estimated valued of the property that you had carried out prior to the auction, and the other properties that had sold around it recently, are all pieces of information to remember and use. As the auction gets under way, the amount the auctioneer begins with, and the value you have, is going to give you an idea of where things are likely to be heading.
If it is already above your limit, shut everything off for yourself, and just see what someone else is going to have to pay for it.
3. If you are still in the game, and the auctioneer is still calling for bids of large amounts, you will know that everything is way off what the owner wants.
4. Now might be a good time to take greater notice, because if the bids have slowed up, the other buyers may be out of their depth, reached their limit, or decided that the price is heading towards the "too high department" for them. If it is still within your range then you might want to bid.
A bid at this point can be for several reasons. (a) To see if your bid meets the reserve and puts the property on the market. (b) To see if there are others who are still in the game. (c) To create what may be the vendor's asking price if the property does not sell at auction.
5. If the bid is with the auctioneer, you will know that he is pushing things towards what the owner wants, because everyone else is not.
6. Looking at other bidders and guessing why they may want the property is to determine whether you are up against an emotional bidder or a calculated one.
An emotional bidder is likely to go higher than they want to, because they love the place.
The calculated bidder will have a value that they think it is worth, and what they want to pay.
These are just some of the strategies, techniques and processes that may be useful when taking part, or bidding, at an auction.
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