Mistakes are normal. After all, they make us human. But that doesn’t mean we can’t strive to be on top of our game. It’s also not an excuse for us to keep committing deliberate blunders. Especially when we talk property or real estate auctions, mistakes can be very fatal. It can spell anywhere from a missed opportunity to a financial meltdown, neither of which we want.
So to avoid making the mistake of committing the said crimes, it’s about time we know what they are. As they say, keep your enemies close.
Buying without inspecting. Before bidding on anything, you must first have a full grasp about the asset being held for sale. You must ensure that it is indeed what the seller presents it to be. Have it inspected and surveyed by a professional to assess actual value, condition, useful life, ongoing costs, legal issues and other pertinent details.
Exceeding your budget. You have to set a maximum limit as to your spending otherwise you risk giving it your all and spending more than you were supposed to or are capable of. Besides, it would do no good to bid more than you can pay. You won’t be able to achieve ownership since you still aren’t capable of keeping your end of the bargain.
Forgetting to validate ownership. Always make sure that the sellers have legal ownership to the property as evidenced by the necessary documents. Also see to it that the asset being held up for grabs is free from any troubles such as liens, encumbrances, foreclosures or title disputes.
Tardiness in funding. A security deposit is often a requisite when participating in auctions. Even if such is not required, you will still have to pay up for an upfront cost and arrange for immediate payment plans on the balance. Winning the bidding is just the first step. If your financing isn’t ready then you still lose by default. Make sure to arrange it beforehand especially since this takes time to prepare.
Relying on unqualified advice. Many investors seek help from their family and friends when participating in property auctions. There is completely nothing wrong about it but makes sure that they have the experience and knowledge otherwise their advice may not be as helpful as they intended them to be.
Revealing too much. Do not let anyone know how much you are willing to spend on the auction or on a certain asset. Don’t be too transparent with your emotions either so as to catch other people’s attention. You don’t want sellers to increase their starting bid and you don’t want fellow bidders to compete with you so shush. No need to reveal your cards at property auctions.
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