3 Tips on Foreclosure Public Auction Bidding Strategies

A foreclosure public auction can be a great way to save some money on real estate. Foreclosures that are sold through auction can be some of the best deals around. However, if you do not bid correctly, you might not get as good of a deal as you should. Here are a few tips on how to bid at public auctions.

1. Do Not Get Involved Early

Sometimes it can be helpful to feel out the crowd a bit before you start bidding. Let those that are eager to bid get in and get involved first. This can give you an advantage later in the auction because you observe personal styles and develop ways to bid against them.

2. Do Not Get in a Bidding War

Many people go to an auction and they let their adrenaline get the best of them. They start bidding and they cannot stop. When someone is bidding against you, do not allow them to coax you into bidding. Avoid eye contact with other bidders. Keep your eye on the auctioneer and your notes.

3. Do Not Exceed Your Limit

Before you ever go to a public auction, you need to set a personal limit that you will not exceed. You should not exceed that limit under any circumstances. If the price gets above your limit, just stop bidding and leave. Many people have overpaid by not stopping themselves at their limit. Write down the limit on a piece of paper and keep opening it to glance at it so that you are not lost in the moment.

 

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