An auction is a great way for you to find properties, because these are often sold at better prices than you might find through private sales. Many people find the auction process to be exciting, but others feel it can be intimidating. If you are considering purchasing through Hamptons property auctions, you need to make sure you are fully prepared. This will help the process to go much more smoothly for you, so you will be successful at finding the right property, at the right price.
- Every auction will give out information on the properties that are up for bid. These are often published through the form of catalogs. It is important you fully study the catalog and know what is being placed for bid. This will help you to know which properties you want to pursue and which ones would be best avoided. You can ask for a copy of the auction catalog through an estate agent or the auction company.
- It is imperative you visit the property before you go to auction. Through the inspection process, you can learn more about the property and see firsthand, if there are any issues that may cause you to go against purchasing it. This will also allow you to find value in the home, so you can get a good idea of what it is worth. Make sure you take your time through the inspection process, so you fully know what you are buying.
- You will need to make sure you register with the estate agency holding the auction. Registration is required, to prevent fraudulent bidders from bidding on properties during the auction. You will need to provide a valid picture ID and other pertinent information, so your registration can be processed.
- The bidding will begin at the reserved price. This is the price the seller states is the minimum they will accept on the property. You will bid by raising your card and stating you agree to the price. As bids come in, the price will rise higher, until the last bidder has won.
If you are the winner of the auction, the property being sold is now yours. If you are interested in participating in an auction, contact your estate agent and register today.