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Published On: Mon, May 1st, 2017

Prepare yourself for an upcoming auction: The trick to not feel anxious

Auctions are usually a wonderful place to find out some of the best prices on almost everything like real estate properties to things to decorate your home and even amazing rarities and antiques. Yes, it’s true that attending your first auction can definitely seem to be a bit overwhelming and intimidating, particularly when you’re not dead-sure about the entire process.

In fact, for many would-be sellers, the thought of attending property auctions bring down a feeling of anxiety. The best that you can do for yourself is to be prepared. If you have a clear understanding of how the auction will run and if you’re aware of the possible outcomes, this can reduce levels of stress. Here’s what you can do to prepare yourself for an auction.

photo Gerd Altman via pixabay

Before you reach the auction site

  • Get a schedule of procedures: If you’ve hired an agent, he should offer you with a detailed list of what is going to happen on the day of auction. If they didn’t provide you with this, ask him to do so.
  • Publicizing the auction: On the day of the auction, the selling agent is supposed to go out on the busy roads and attract a crowd towards the auction. This is called publicizing the auction.
  • Set a meeting with the agent: You should meet your agent a day before the auction to finalize on most vital details. During the meeting he will confirm few vital details like your reserve price, the number of bidders that are predicted to attend, the way in which you can communicate with the agent when the auction goes on, what will happen in case the reserve isn’t met and bidding increments.

When the auction takes place

  • Auctioneer announcements: Before starting the auction, the auctioneer will offer an introduction of themselves and tell everyone the agency they work for. There are several mandatory statements which the auctioneer needs to announce before the commencement of the auction. Once such legal announcements are done, the auctioneer will move off with the benefits that buyers will get and this is going to be the last chance to attract the crowd and excite them.
  • Bidding: Once the preamble to the auction is concluded, the auctioneer will call an opening bid from the crowd and if he doesn’t see any opening bid, he may start it with a vendor bid. As the bidding continues, the result can be 2 options, either your reserve price is met or it is not met. In the former condition, the auctioneer will declare that the real estate property is ‘on the market’; he will drop the hammer and declare it as sold. With the fall of the hammer, no more bids are accepted. In case the price is not met, the auctioneer will ‘pass in’ the property and opt for private negotiations with the highest bidder.

Once everything is done, let the professionals handle all the documents as your present will just delay the entire process of sign up. Accelerate chances of winning the deal by following the above listed steps to take.

Author: Pankaj Deb

On the DISPATCH: Headlines  Local  Opinion

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