3 Ways And Methods Of Bidding At Government Seized Property Auctions

In order to participate in auctions selling off government seized properties

, you must first know that these properties, either residential or commercial are usually ten to twenty per cent cheaper than the going market price. This undoubtedly, is the first piece of information that you need to keep in mind before placing your bid. Bidding can be done after making a physical inspection of the property that you have your eye on and studying its strengths and weaknesses thoroughly in terms of construction, location, size, general conditions and defects, if any. This will give you a fair idea of whether the price charged is right or whether you are in a position to receive hefty discounts after negotiations to bring down prices further.

*The bidding is the important part of the auctioning procedure as you will be having a lot of competitors who might outbid you even by the smallest margin. You can be physically present at the auction to place the bids yourself or may do it through your authorized agent with clear instructions to him not to go beyond your budget. The bidding is also done by telephone or even online in certain auctions if the bidder prefers anonymity.

*In certain auctions for government seized properties, often a token amount has to be paid in order to be eligible to bid, especially for high value properties. These are usually specified in the auction list and norms and can either be paid in cash or by banker's draft against a valid receipt. Your personal knowledge of real estate too, is essential before bidding at these auctions and in case you don't have any, it is always advisable to have someone accompany you who knows how to bid.

*Remember, timing the bid is of vital importance and putting in a bid amount before the hammer finally goes down may help you win the prize. Be alert and in focus always as any distraction even for a moment could result in failure. Only a professional advisor will be able to tell you when to withdraw the bid or to stop and when to set bidding limits. Otherwise you could end up paying a price that is higher than the property's market value.

One of the golden rules of bidding for government seized properties is to bid low. This is an intelligent way of swinging the auction in your favor. This is rather like a game where bluffing is one of the strategies to adopt in order to win. Also look for flexible payment plans which the government may have worked out for you to pay in installments.

by: Adrian Getty

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