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Auction Day

AUCTION DAY TODAY! No matter how experienced you are the run up to Auction is scarey and I guess exciting at the same time.

Why the stress – because it is SO unpredictable. Fact!

I do practise what I preach – prepare, prepare, prepare and do all of these things as a basic measure:

🏡 Visit the property (twice)

📚 Read the legal pack thoroughly (especially the Special Conditions of sale and the Addendum)

👩🏽‍⚖️ Instruct my solicitor to read the legal pack

🏦 Line up the finance / at least get Terms from a broker or direct from a preferred lender

🧱Have a Plan B and C – Have more than one Lot prepared that could be a viable option

👷🏽‍♀️ Have an available builder/team in mind. Someone who is going to be able to jump on the work immediately and not in three months time.

However until you enter the room (online or in person) you cannot predict how the day will pan out because the buyers you are up against don’t declare their hand until the bidding starts.
It’s not yours until that gavel goes down.

Buyers in the room with strong motivations for purchase (other than just portfolio building) means that some Lots rapidly become out of bounds and you don’t stand a chance.

Motivations such as purchasing because they want to live in it for a nearby good school or
they own the properties either side and they want to go for planning etc etc. These MUST HAVE buyers will always trump NICE TO HAVE buyers who don’t have the same conviction.

No matter how well organised you are these buyers will be prepared to break the ceiling price and pay way over what the property may actually be worth because of their motivation.

That said sometimes you enter a room and the buyers are just not there. That can also be scary because now you start wondering why!?! A whole other story.

Wish me luck!

#property #motivation #auctions