Auction is a great place to buy or sell properties, as there is no brokers, you don't need to move around, call people and no late night works! All you have to do is make an initial deposit and buy the property if you like. Frankly speaking, auction is fun to attend and interesting to bid. But you need to learn certain things when going to the auction house. When you first go into the auction house, be an observer; look around what people actually do there. Try to attend some auctions whenever you get time; just watch and learn. This will help you to understand what is happening and it will help you to avoid common mistakes.
Try attending previews of the properties, which will give you a clear image and you'll definitely get more information about the property. Go attend a preview before an auction and get to know things from the business development manager. Always be prepared and do some homework, it always helps. You should also learn the common terminologies used in auctions, here are some commonly used terminologies: 'Pre-sale estimate' is the price the auctioneers expect from the sale. 'Start price' is the price at which the auction will start. The 'reserve price' is basically the pre-set price that the seller of the property is agreed for the lowest price. Either at the beginning or at the end of the bid, the reserve price will not be revealed. Make sure you read the 'conditions of sale', which is nothing but the terms and conditions, important instructions and warranties. An 'absentee bid' means the bidder need not be present at the auction physically but he can place his bid using fax or phone, but he needs to arrange things in advance. The word 'lots' refers to the content in the catalogue as described by the auctioneer. It also means a collection of jewels or sum of money.
This is an important part of the auction; first of all you need to first register before the auction starts by giving your details to the team members. Generally the registration area would be at a separate room. Borrow the auction catalogue and read the information thoroughly, it will have the lots according to the selling order. Don't be excited and remain calm, think twice before you bid and stick on to your plan.
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