Tips to preparing for an online auction

Auctions were once a landscape that required the bidders to attend in person, however, changes over the years have seen a move to more accessible forms of phone and online bidding. 

While online bidding may seem like an option to turn up and just raise the e-paddle on the day, there are still some things that you should consider preparing in advance.

Research the Property

Look through the property prior to the auction day to be sure that this is the one that you would like to purchase. If you cannot make it to the open homes in person, speak with the sales agent who may be able to show you via a video walkthrough inspection.

Research the area where the property is located so that you are aware of the location and lifestyle benefits and any features that may not be desirable. Your research is likely to also include any comparable property sales which will help when it comes to determining your price point on auction day.

Arrange finance

Before turning up to any auction, whether it be face to face or online, you should be speaking with your financial lender to gain pre-approval for a loan. 

When you make a bid at auction, and it is successful, you are then legally responsible to move forward with the purchase of the property or potentially forfeit any deposit that is required to be paid at the fall of the hammer. 

Pre-approval will also give you a limit of where you can bid to so that you are mindful not to bid beyond your means or what the bank will lend during the excitement of the auction.

Prepare for auction day

Ensure that you have carried out all the required checks like pest and building in advance so that you are going into the auction knowing the condition of the property that you are looking to buy.

You can also speak with the sales agent of the property to register you as a bidder for the online auction prior to the auction. This will give you the opportunity to set up your profile and provide the required identification and payment details in advance as well as familiarise yourself with the bidding software prior to the day.