Auction Bidding Strategy (Not found in books)
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Review your plan of action. After all your homework, trust your plan and stick to it.
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Get to the auction early. Review what you know about real estate. Inspect one more time if you can.
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Look and act confident. Be professional when you register and in your contacts with the auctioneer, seller, banker, etc. Dress professionally, drive a clean car.
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Access your competition. Who is there? What do you know about them? Did you see them at another auction? How do they handle themselves? Did you see them doing their homework?
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Location! Location! Location! Stand (or sit) in a location where you can see what's going on (auctioneer, sellers, bankers, your competition).
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Don't ask questions if you don't have to and ask only if your know the answers. If you ask a "stupid" question, others may consider the source of the question "stupid". But, if you know the answer (i.e.: taxes). Don't "huddle".
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Don't assume anything (ass-u-me). Stick to your plan and don't assume bankers, lawyers, sellers know what's going on (especially with foreclosures). Many are new to auctions. Rely on the Realtor/Auctioneer.
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Know when to stop! Review budget. Don't fall in live with the property or be influenced by the auctioneer. . . that our job!! If bidding goes beyond your plan -- quit. (Kenny Rogers' song: Know when to hold 'em, know when to fold 'em.)
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Don't get caught up in the excitement. Auctions are exiting. Keep cool. Stick to your plan.
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Don't antagonize the auctioneer. He has the microphone.
Big Hint: Don't bid at any auctions until you've been to a few. Keep a list of who shows up, how they bid, how attorneys, sellers, and auctioneers behave at an auction. Make notes.
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