Auction Bidding Service Melbourne  at auction is a common way to purchase a home. However, it requires careful planning and preparation to ensure you don’t end up paying more than the property is worth. It is also important to understand how the bidding process works so you can make a confident and informed decision when the auction starts.

It’s important to do your research before attending an auction, including evaluating comparable properties in the area and considering Melbourne property market predictions. You should also visit the property multiple times and inspect it thoroughly. Attending several auctions can help you familiarise yourself with the bidding process. It is also a good idea to get preapproval from your bank so you can participate without worrying about your finances.

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During an auction, the auctioneer will present any property’s terms and conditions and clarify any rules. Then, the bids will begin. Each bid is made by saying the amount aloud, and the auctioneer will repeat the bid to make sure everyone knows what the current offer is. The auctioneer will also state how close the bidding is to the reserve price. If the bids do not reach the reserve price, the property will be ‘passed in’ and the highest bidder will have first right to negotiate with the seller.

If you’re unsure about participating in an auction, you can hire a professional buyer’s advocate to bid on your behalf for a fee. They can help you choose a bid amount that’s within your budget and keep you calm throughout the process.