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How to mentally prepare for an auction

Sam Marshall of Hudson & Marshall (not seen) prepares to drop his gavel signaling bidding is over and another house is sold at an auction of foreclosed homes in Denver April 19, 2008. Over 400 people attended the auction selling almost 100 lender-owned properties. REUTERS/Rick Wilking (UNITED STATES) - RTR1ZOCL

Although you may want to sell your home, your car or any other item using an auction, you should note that auctions can be an emotional affair.  This is mainly because when you auction an item, it is usually something that you have fallen in love with and it may have played a significant role in your life. This can cause anticipation and pressure that may leave you feeling unhappy once the item is sold. Here are some tips on how to prepare for an auction.

Do your homework – Speak to your family, friends and your agent who is handling the auction to understand the process involved.

Know your limits – Know your lowest price and avoid accepting a lower price than your limit, this will leave you feeling less disappoaainted.

Practice – visit an auction and understand the process. This will help you easily ease into the process when the auction starts.

Get support – Choose a few people to give you support on the day. It is a good idea to choose someone who has experience in being part of an auction.

Sleep, eat and dress comfortably – You should take care of yourself, prior to the day of the auction. Remember to sleep, eat and dress comfortably on the day. This will help you stay.

Plan beyond the auction – Plan to celebrate after the auction. This will give you something positive to focus on and reward you for all your hard work.