Globetrottie 

You're never really sure what's gonna happen on an auction day. The surest way to seal the deal is to have more money than anyone else there who is bidding, but here are some techniques that may just give you an edge.

 

1. Fast finish- Do not bid at the start. When the auctioneer is calling once, twice and almost going down on the hammer, put in a bid fast and aggressively in small increments ($500 or $1000) until the other party backs out. 

 

2. Drop a bomb- When the bids are going up in $5k increments, go in with a larger increment like $20k, if there is margin. This typically puts off the rest in shock, and they need time to think if they should continue bidding. Some can make decisions under pressure, some can't. If the price is unsatisfactorily high, let it go and congratulate the other party who has received your "bomb"...unfortunately. 

 

Property auctions are emotionally charged most of the time, but it takes a right agent to tell you to walk away. I have done that quite a few times- When there is open bidding, and I told my clients, walk away, you are over-paying! 

 

There is always an engineered element of fate, I feel, in every purchase. We either feel that we are meant for that particular property, or even if we don't feel that way, we rationalize it such that we do. That's because we are so emotionally invested in it! Give yourself a cut off point and if it exceeds that price, walk away. There is always the next auction.