What is it like at a property auction?

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What is it like at a property auction?

The atmosphere in the auction room is usually tense, it will be full of buyers, some are there to purchase a specific property, others are there to try to obtain a bargain and some are there to watch. Admission is free so it is a very good idea to go to a few, to get the feeling of what the atmosphere will be like, if you do decide to buy through an auction in the future. It is important that you carry with you all the important documents that are needed when making a purchase, these are two forms of identification,and necessary finances to pay the10% deposit. There are no particular dress codes or formalities on the arrival and departure times, you can come and go as you please, however you must take care not to create a distractions when doing so. You should try and get to the auction as early as you can and should always try and make it to what is known as the auctioneers opening speech. There are no requirements that state you must sit down during the auction this is purely your choice. When the bidding starts the atmosphere is very competitive and there is always a sense of urgency, it is vital that you know your limits and how much you are willing to spend in these situations, and not bid over this predetermined figure. By this time you will have researched the property, it is still useful to read any documents that are handed out at the auction, these are known as the bidders information packs.You must also note that once the hammer has gone down the property is now your insurable risk.