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A Few Tips to Remember At a Real Estate Auction.

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Published: Monday, December 15, 2008

"Effectiveness at the conference table depends upon overstating one's demands."
~Henry Kissinger


If you are planning on attending a real estate auction keep theses words of advice in mind. Here are some tips for first time attendees to ensure they get the best deals.

  1. Start low- Don't over think the auction process. You should always give a rock bottom starting bid. Remember your not attending a real estate auction to pay a reasonable price; your there to pay the best price.
  2. Starting a the bid too high can ruin the profitability- If you have never been to a real estate auction, the one fact you must know is this: when you place an opening bid it should be unreasonably low. Don't worry about how ridiculous the bid seems to you, the price will adjust and it will do so quickly.
  3. Bid in small increments- Pay attention to the bid increments. Be observant. Each bid you place should go up the minimum increment. The worst mistake you could make is driving up the price with erratic bids. This is a sure way to annoy more seasoned attendees.
  4. Be patient- Let the bid ride. Wait until the last opportunity to up the ante. The key to be successful at a real estate auction is keeping a level head.
  5. Don't let them see you sweat- Put on your best poker face. No matter how much you want a particular property it should never show on your face. If you incite other attendees, you're sure to drive up the price. Keep a level head.

Participating in a real estate auction is thrilling. However getting the best deals requires one to exercise self control. Remember don't be afraid to start low- your best bid is your lowest bid; starting a bid too high will stymie your profitability; bid in the smallest increments; be patient; and put on your poker face. If you follow these few tips you are sure to be successful.

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About this Page: This article provides a few tips for purchasing property at a real estate auction.