Who are these 5 people who ruin every auction?
After lots of searching, you may find that the house that you want is under the hammer. So, all you have to do is outbid everyone else and you’ll get the house, right? Well, yes, but it’s not always as simple as it sounds. The gallery of rogues below may just be the five people that ruin your day.
1. The mystery bidder
First of all, there’s the mystery phone bidder. It’s as if this mystery man is hidden in the shadows: all he does is make a simple gesture such as a nod to the auctioneer and all of a sudden, you get outbid, again. Like a silent assassin, he strikes, safely tucked away watching you sweat and reach the end of your budget.
2. The sniper
Not far away from the mysterious ‘Mr. X’ is the one and only auction sniper. This guy (or girl) will fight you tooth and nail throughout the entire auction because they’ve probably fallen as much in love with the property as you have. Expect them to outbid you just when you’ve stopped to take a breath.
3. Bruce Wayne / Tony Stark
If ‘Mr. X’ and the auction sniper weren’t enough to deal with, some guy rolls up in a brand new Mercedes complete with 20-inch rims and a crazy sound system. “Ooh, shiny”, you think. Fool! This guy will walk around the property just to check if there’s enough space to build a garage for his Hummer and a multi-tier swimming pool. If you spot someone like him at an auction, you better hope that he gets bored and drives off or this may well be the shortest auction ever.
4. The owner
Ok, let’s say somehow the planets align and you manage to outbid these players? Heads up because there’s one more surprise for you: the owner may decide to step in and shake things up with a vendor bid. If you’re smart, you’ll stand quietly and watch as they desperately try to hike up the bid. After all, they can’t buy their own house!
5. Your biggest enemy at an auction!
You may be surprised to know that your biggest enemy at an auction is YOU!
You could get caught up in the auction action, freak out and make a big bid that you can’t afford to back up. You could let slip your maximum price and watch helplessly as someone outbids you with a gloating look on their face. Worst of all, you could win the auction without getting pre-approved. This means that if your home loan application gets declined, you may just lose your entire deposit. Scary!
If you think that you’re ready to step up and try your hand at the frenzy that is an auction, call us and get pre-approved today. Our expert mortgage brokers can get you a reliable pre-approval and you can bid for your dream home without any worries! Call us on 1300 889 743 or fill out our free assessment form to speak to our amazing team of brokers.
For more tips on buying your first home, check out our Home Buyer Resource Centre.