In just a few weeks, I have the privilege of joining my father in offering one of Sumner County TN finest properties at Absolute Auction. In the days leading up to the sale, it is a non stop process of preparing, advertising, promoting, and answering questions. This property on Kirk Lane in Gallatin TN has huge potential and is located in an extremely desirable area. So the number of people who would like to buy a piece outnumbers the amount of tracts available. This is great news for the seller and the Auction Company, but for the potential bidder this can cause stress and frustration.
One way to deal with this anxiety is to be prepared! It is extremely important that you come with a plan in place and everything you need to make that plan succeed. Here are a few things to do in order to be ready:
1. Get your financial arrangements in order! Call your lender or the one the Auction company is working with and make all the preparations for your financial end to be ready. To often people come hoping to buy but have not made the call to see where they stand financially. This can lead to indecisivness at the auction and potential disaster if you bite off more than you can afford. So speaking to your financial person can help you avoid those two issues.
2. Make a game plan which also includes a B Plan and even a C Plan. Too many times people have come to an auction like this particular one and have a single tract in mind for their home. However, that piece may also be the one someone else wants and they are prepared to give more than you are. In this case, I have 8 tracts to offer. If "the one" gets picked, then you are left scrambling for what to do next. That is why when you are preparing, you should make yourself a plan that includes a fall back and even a punt, to use football metaphors. If your favorite tract is chosen, then have a plan to buy your second, third, fournth, and so on. That way you do not miss out on the potential of living where you want to be just because your favorite tract got away!
3. ASK the Auctioneer! During the process of advertising and promotion leading up to the Auction, you are bound to have questions. ASK! And any Auctioneer will tell you, the more you ask prior to the date of sale, the better prepared you will be. On the day of the sale, the Auctioneer is zoned in on getting everything ready for the actual sale, and he may be overwelmed by "last minute" preppers asking questions. The best way to have the best understanding is to speak to him/her in advance. Your questions and the Auctioneers answers may spark further food for thought or additional questions which could assit you in the game plan mentioned above. Waiting till last minute may again put your mind on the "hotseat" and cause you to miss out on your dream property all because you were confused about a detail and it gave you cause to pause. So think through what you would want to know about the potential property, then call, email, text, or go meet the Auctioneer and ASK away. Your gameplan for sale day will be grateful you did!
This method of planning can be used for any type of auction and any type of item you are interested in! Whether land, a home, tractor, car, truck, or antique item, having your Auction Plan in place can give you a higher percentage of being successful in your efforts to buy that treasure than just showing up and "winging it!"
Look forward to seeing you at this Auction in Gallatin TN on Kirk Lane on November 28, @ 10am and many more in the future!
Auctioneer / Realtor