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Make sure you are fully prepared before you decide to bid. A good preparation can help you calm yourself during the auction.

Here are some tips to remember before you bid:

• It is advisable to go through the review catalogues from all the auction houses thoroughly. This will help you to familiarize yourself with how the property is presented.

• It will be great if you try to view the property. Besides, it is essential to have a good knowledge of your area - prices, build prices, rental figures, etc.

• Make sure that your finance and your legal team is in place and can be accessed quickly. Look at the ads in auction catalogues in order to find finance or solicitors used to meeting auction timescales. Alternatively, you can also work on personal recommendation or chat with a few solicitors and brokers who are geared to working at auction.

• Surveying the property can prove to be of great help in arranging your finance. You can also have the property surveyed for your own purposes.

• Do not forget to get legal packs for lots of your interest. But, bear in mind that the legal pack will cost you.

• Do attend some auctions to get a fair idea about the proceedings.

Make sure that you do not get carried away with the attractive offers promised by the auctioneer as the latter can easily bluff you wherever possible. Therefore, it is good if there is a reserve price on the property.

However, the reserve price is never disclosed before the auction begins. If the auctioneer is heard using words like “the property is in the room” or “I will sell”, it means that the reserve has been met.

It is a very common observation that when the people are reluctant to start the bidding, the auctioneer takes a bid from an imaginary bidder to get things moving. He is allowed to do this till the reserve is met. This process is called taking bids “off the chandelier”.

To conclude, make sure that you attend some proceedings beforehand so that you can have a clear idea about the way in which the auctioneer operates.

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Source: www.isnare.com