How to Buy A Property At an Auction
Research the property. Get the its size, amenities, how much is owned against it, and what is the opening bid.
Compare the sales prices of similar properties in the area so you have a good idea of what the property is worth. Compare sales of properties with same number of bedrooms, bathrooms, and square footage.
Get financing. Typically, homes at auction require a 5-10 percent deposit for an accepted bid, and the remainder must be in place within a specified period of time.
Know your price limit. Auctions work on creating an atmosphere of agitation and excitedness. Don't get swept up in the moment. Know how much you are willing to spend and stick to it.
Be prepared to walk away. Don't feel as if you have to buy something. If the deal isn't right for you, it's not a deal.
Source: 1Klassifieds, New Straits Times, May 8, 2009
Related Blog: Interior Design Blog