If you are house-hunting, you may find yourself in the situation of making an offer before the auction. It’s often difficult not to get swept into the moment and pay more than you should. 

So, to ensure you are prepared, bear in mind these five tips when negotiating your way into a pre-auction purchase:

✅Do your research

Know exactly what has been done and what needs to be done on the property prior to the auction. Knowing the worth and having real estate knowledge will be your best bet in making a split-second decision

✅Be prepared to lose

You can’t win them all. With a limited time to bid, you have to accept that if you can’t make a confident bid at the time before the competition, maybe it wasn’t meant to be. 

✅Don’t be forced into a “Dutch auction”

You don’t want to exceed your budget limit. Don’t fall into the trap of potential purchasers making blind bids before the property goes on auction. 

✅Time is your greatest weapon

Use the time to your advantage and put in your offer at the last possible minute. You can lose a great opportunity by being impatient. 

✅Play your cards close to your chest

Try not to reveal too much information about your bidding intentions to the real estate agent, or other bidders, to protect your negotiation power.

Good luck with the house-hunting process! As always, we are here to lend a hand when it comes to sealing the deal and ensuring that the process runs smoothly. 

Our team is here to assist you in navigating these exciting government initiatives, making your journey toward homeownership a whole lot easier. For all your conveyancing needs and professional assistance, please contact us:
Phone: 0413 783 166 
Email: sue@easternconvey.com.au