How do you stop yourself from paying over the odds when you are trying to buy your dream home at auction, asks Money reader Miranda.
“I recently came into an inheritance and want to use the money as a deposit to set myself up in a home I love, but everything I like goes to auction and I know nothing about auctions,” Miranda writes.
Well Miranda, it’s time to educate yourself about the auction system. And the best way to do that is to actually attend as many auctions as possible to familiarise yourself with the process.
There is also some useful information available on the web. Do a google search for “buying a home at auction” in Australia and your screen will light up. Neil Jenman’s seven rules for buying at auction (see www.jenman.com.au) is well worth reading.