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Rules of House Auctions |
Written by Melanie C
Wednesday, 04 June 2008
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Going to an auction may be a good way to buy a property, but you must be careful that you don't get carried away by the emotion of the moment and pay way too much. While many homes are auctioned, they don't always sell due to bidding not reaching the reserve price. When a property is passed in like this, then the owner may negotiate with the highest bidder to settle on a price. This is usually done through the agent or auctioneer. One way to by at an auction is to simply watch the proceedings until you can see that the home will not reach its reserve, then put in a bid at the last minute. This makes you the last person to bid and hence the person with the highest bid. You are then the person who has legal right to begin negotiations with the owner or his representative. There could be several others who are also interested in negotiating, but the last to bid must be the first to negotiate. Of course, if you cannot reach an agreement with the owner, then he has the right to close negotiations with you and open them with the next person. You can get an agent to both bid and negotiate on your behalf if you are not confident of going it alone. Article Source: http://www.ArticleBlast.com |
About The Author:
Find out more about home loan products such as fixed rate home loan at QuickDirect (http://www.quickdirect.com.au).
Find out more about home loan products such as fixed rate home loan at QuickDirect (http://www.quickdirect.com.au).
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