Understanding the Property Bidding Process
Understanding the Property Bidding Process I'll be honest, the first time I sat in on a property auction I had no idea what I was doing. I just kind of showed up, watched people raise their hands, and tried to piece together the rules as I went. Not exactly a great strategy. If you're thinking about buying property this way, let's back up and actually go through how bidding works, because there's a decent amount you want to know before you're standing in a room (or sitting behind a screen) with real money on the line. Auctions Aren't Like Buying A House The Normal Way With a regular home purchase, you make an offer, the seller thinks it over, maybe you go back and forth a few times, there's room to breathe. Auctions don't really give you that luxury. You're bidding against other people, out in the open, often in a matter of minutes, and the property usually goes to whoever's willing to pay the most that day. Full stop. That changes how you need t...