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  • Auction Tribe

    Tips for buying property at auction with David Sandeman of EI Group

    Just my thoughts on the topic as someone who's got a good amount of auction experience.

    Everyone has to start somewhere so it can be for everyone but 'yes absolutely do all you homework fist'

    Know and understand what research you need to do first in order to mitigate the risks from property research to the legal documents.

    One point on Proxy bidding - I'd never recommend it unless there is no other way. I've saved ten's if not hundreds of thousands of pounds by not proxy bidding. Any telephone bidder or proxy bidder will generally be bid up to the reserve price by the auctioneer even if there's no one else in the room actually bidding (they'll most likely make up bids so the property sells). I've saved huge amounts by not bidding then securing the property below reserve for clients after the auction - could well be hundreds of thousands of pounds.

    There's also techniques on bidding on how to put others off, to make it more likely that others will stick to their max bids.

    I'm always happy to meet fellow PT's in the london auction rooms and give them as much advice as I can (as long as they don't bid against me...ha ha).

    I still double check research and due diligence for very experienced auction buyers, attend auctions and bid / secure properties for clients and of course source auction properties for clients (once I know they have secured suitable finance for the type of property they'll be buying).

    regards Andrew
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