Home Auctions: How to Confidently Make Your Bid

The Research Phase

The very first step is of course, research! Wrapping your head around auctions and your property will help instill the confidence you need to place your bid.

In particular, you should:

• Examine comparable properties in the area to gauge the property’s worth.
• Speak to real estate agents or auctioneers to gather information on the property and auction process.

Be Prepared

Attending an auction requires preparation. 

Before heading to the auction, make sure you:

• Have a government-issued ID with you.
• Any necessary deposits or pre-approval letters.
• Read and understand the terms and conditions of the auction (this often includes details about the deposit and settlement requirements!).
  

A great tool that helps guide you step-by-step through the home buying process is Slice’s free Home Buyers Software. This includes a free dashboard and to-do-list, as well as plenty of free educational resources and paid services to build your confidence.

Stick to Your Budget

The excitement of an auction can lead to impulsive decisions, that’s why your budget must be your guiding light when bidding.

Make sure that:

• You actually have the financial means to buy the house.
• You’re prepared to pay the deposit if you are a successful bidder.

Stay Calm and Focused

On the day of the auction, it’s crucial to stay calm and focused.

Listen carefully to the auctioneer and when you’re ready to make a bid, do it with confidence.

You can consider bidding strategies like:

• Making a low opening bid to test the waters OR
• Bidding in even increments to assert your presence in the bidding process.

I Won The Auction… Now What?

Congratulations! If you’re the successful bidder, you must be ready to act quickly.

You’ll need to:

• Pay the deposit AND
• Sign the contract of sale
  

The adrenaline rush of winning an auction is real, but don’t get distracted! Be prepared to immediately follow with the practical steps needed to seal the deal.

Why This Matters

‍By being well-prepared, informed, and level-headed, you not only increase your chances of securing the property you desire but also pave the way for a successful and fulfilling property ownership experience. You can learn even more about home buying in our Home Buyers Workshop.

Ready To Jump Into It?

At Slice, we know the journey to property ownership can be both thrilling and daunting. That's why we're here to support you every step of the way! Our cutting-edge legal support and free Home Buyers Software is designed to get you on the property ladder sooner, smarter, and safer.