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Top Tips for Buying at an Auction

By Erik Fiskerstrand

Bidding for your dream home can be an emotional and exhausting process. Whether you’re a seasoned pro or you’re about to head off to your very first auction, consider the following advice to help make the process a bit easier.

Come prepared

Before you start wildly bidding on property in Carlton, do your research to find out the home’s value. Houses for sale at auction are subject to a reserve price set by the seller, which the agent cannot disclose.

Consider consulting with a registered valuer to gain an idea of the market value of the home.

Don’t get in over your head

Before the auction, decide on the maximum price you are prepared to pay for the property. It’s best to decide this before the day of the auction so that you are not influenced by the interest the home gets at the event.

Once you’ve set your maximum price, don’t go over it! It’s easy to get swept up in the excitement of an auction but you’ve set a limit for a reason – it is what you think the home is worth and as much as you are willing to spend on it.

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