How do you make an offer before an auction?

Making a pre-auction offer is simple: you put in writing what you are prepared to pay for the property, then submit your offer a week or two before auction day. Your job is to make the offer more appealing to the vendor than watching would-be owners in a property Hunger Games on their lawn.

How do I make a successful pre-auction offer?

Here are our top six tips for making your pre-auction offer an attractive option for the vendor:

1. Do your research.
2. Speak to the selling agent.
3. Time it right.
4. Be prepared to tailor your offer.
5. Be realistic.
6. If all else fails, try again.

How do pre-auction offers work?

A pre-auction offer is an offer that is made before the auction date. If the seller is willing to accept the offer, the auction may be held earlier than the advertised date, or the auction may be cancelled if a sale and purchase agreement is signed.

Is it worth putting in a pre-auction offer?

Pre-auction offers can be a great way to manage the money you have to spend and reduce your competition come auction day. But whether your pre-auction offer is accepted or not, the likelihood of going to auction is high, so it pays to be prepared.

How to negotiate your way into a pre auction purchase?

In summary, here are my top five top tips for negotiating your way into a pre-auction purchase; 1. Do your homework It might be considered ‘flying blind’ to make a competitive offer against another potential purchaser when trying to secure a property prior to auction, but that shouldn’t mean you have no idea as to the price you’re prepared to pay.

How to choose a winning auction bidding strategy?

1. Do your homework Preparation is the first step on your road to a winning auction bidding strategy. Don’t go into anything blindly. You need to research the entire auction process so you’re not in the dark when you start bidding. Visiting auctions is a good place to start and gives you a chance to observe other people’s strategies and behaviours.

Do you need a preauction offer for a house?

I’d really like the property, but the agent says (any) preauction offer would need to be really good – like 750k. This is a lovely location. I know the area and want to live in this neighbourhood. Do you think in this market those 2 things will keep other buyers from making a pre-auction offer?

Is there a cooling off period after making a pre auction offer?

No cooling-off period: There won’t be any cooling-off period if you made your successful pre-auction offer within three days of the auction, and you can’t change nor withdraw your offer. A pre-auction offer when buying a house can be best used to your advantage when you know that the demand for the property is low.