How Does Buying At Auction Actually Work? | PRE-Purchase Ep 7

Auction day can be one of the most exciting and intimidating parts of the home-buying journey. In Episode 7 of PRE-Purchase, Ben Thompson and Shane Pope walk through exactly what happens on auction day, from arriving at the property and understanding auction terminology through to bidding strategies, reserve prices and signing contracts after a successful purchase. This episode focuses on what happens when you're buying at auction and successfully purchase the property. You'll learn how auction proceedings work, the terminology you'll hear, and practical strategies buyers use to approach auctions with greater confidence. In This Episode ✅ What to expect on auction day ✅ Why arriving early matters ✅ Introducing yourself to the auctioneer ✅ Understanding auction terminology ✅ Vendor bids explained ✅ Reserve price explained ✅ What "on the market" means ✅ What a passed-in property means ✅ Auction bidding strategies ✅ What happens after you win Need Help Buying At Auction? Auctions can move quickly and often involve significant pressure. If you'd like personalised guidance around your property search, auction strategy or negotiations, the team at Empower Wealth offers a complimentary initial consultation. 👉 https://empowerwealth.com.au/request-free-consultation/ Got A Question? If this episode raised a question about your own property journey, send it through and we'll answer as many as possible in our upcoming PRE-Purchase Q&A episode. 📩 Submit your question: https://thepropertycouch.com.au/contact Timestamps 00:00 Introduction 00:16 Why auction buying inspired this series 00:59 What this episode covers 01:23 How early should you arrive? 01:41 Why you should introduce yourself to the auctioneer 03:18 Where should you stand? 04:33 Understanding auction proceedings 05:33 What is a vendor bid? 06:40 What does "passed in" mean? 08:03 What is a reserve price? 08:38 What does "on the market" mean? 09:03 Trial closes explained 12:06 How auctions typically reach their end point 13:35 Two common bidding strategies 15:52 Exuding confidence at auction 16:31 Why couples shouldn't stand together 17:32 What happens after you win? 18:06 Signing the contract 19:09 Paying the deposit 20:20 Celebrating your purchase Hashtags #AuctionDay #BuyingAtAuction #FirstHomeBuyer #PropertyAuction #PropertyBuying #AuctionStrategy #BuyersAgent #ThePropertyCouch #PREPurchase #PropertyTips LISTEN TO THE FIRST 20 EPISODES HERE >> MOORR MONEY MANAGEMENT APP: 👉 Apple: https://apple.co/3ioICGW 👉 Google Play: https://bit.ly/3OT86bW 👉 Web platform: https://www.moorr.com.au/ FREE MASTERCLASS: - How to Build a Property Portfolio and Retire on $2,000 a week >> FREE BEST-SELLING BOOKS: - The Armchair Guide to Property Investing - Make Money Simple Again FIND US HERE: - Website - Instagram - Facebook - Youtube