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4th March 2014
The popularity of the auction room is becoming quite infectious. There are daytime programmes which follow auction rooms up and down the country, with interest from lay purchasers wanting to buy in the auction room becoming extremely popular.
What is it about buying at auction? It is like a theatre, with so many people in one room from many backgrounds and circumstances, all with a story to tell and all wanting to tell a story once they have been successful or not. The auctioneer is the star of the show giving lead to audience participation. The room anxiously anticipates the first bid. Once this begins the show is in full flow, with bidders bidding in their own style. Some twitch, others nod and wink, all the time keeping a eye on who else is bidding against them. A temporary rivalry begins with a opponent that they have probably never met or can't even see. Others watch on as competition for the property warms up. As bidding continues, audience participation generally begins to increase. Once the bidders hear the words "I am selling and for the first time" from the auctioneer, the successful bidder will have many emotions running through their mind – euphoria, trepidation,victory. I am sure it is like scoring a century in cricket or scoring a winning goal in football. There will be a huge gasp of breathe from the watching audience and a huge smile on the the face of the victor. When the winning card is handed to the successful bidder, the walk to the signing quarter begins, with the audience watching sometimes in amazement or in awe of the winner. I am told by many people that the theatre of buying at auction is adrenaline inducing.
Before the theatre of the auction room begins, the open viewings are also an exciting time for a buyer. Many people will visit a property on the same designated day. There they will meet competitors yet unknown, all with a special reason for buying the property. Some will be looking to buy a family home, others a project, a development, business premises.
The drama of preparing for the auction then begins with the process of organising surveys, checking the legal documentation and getting the finance in place. All in anticipation of the fall of the hammer. So you can imagine why the euphoria kicks in, after the culmination of many weeks of preparation, when the auctioneer says the property is yours. And the winning bidder begins another chapter of realising their ambitions for the property they have just acquired.
So in terms of buying at auction what are the key issues you should have considered and organised before bidding in the theatre of potential:
The theatre of auctions has been around for centuries with people returning again and again. The popularity of the auction room has increased and this centuries old method of buying and selling will, in my opinion, continue for many generations to come. There will be an auction near you so go along and see the theatre for your self.
This article is merely a guide and you should always consult with an auction specialist and solicitors if you are considering buying or selling at auction.
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