Need Advice on Property Purchase and Auction

Levak on 25/04/2018 - 16:37
Last edited 25/04/2018 - 17:16 by 1 other user

Hi All,
Been a long time follower but first time posting.
I am in the middle of purchasing a property and need your help with a creative yet cheap solution.
The situation basically is a property was listed for auction with a price guide of $650k (it's in Sydney), it is a bit of a rare find because it's really large and has a lot of potential to add value.
I was the only person to turn up to the inspection last week and it's the last weekend inspection before the auction next weekend. Given that plus the fact that the Sydney market is slow, clearance rates are low, I made an offer of 680k. Offer was rejected a day later, agent said sellers wanted 710 - 730k. I went back in with 700k, sellers thought about it but rejected it as they want to go to auction.

  1. Now that he knows sellers rejected 700k, he has kept the price guide at 650k - is that legal? Shouldn't he have to contact all interested parties to revise the guide?
  2. Any suggestions/creative ideas to scare away any potential buyers to go to the auction? A lot of them might go (he said before the inspection I went to there were 70 interested parties who inspected the property, I am aware that another party has purchased the strata report as I went into the strata management company to do a final check of meeting minutes and there was a record of someone else purchasing a report last week for the same unit.

I really want this property and my maximum is $715k (but agent was such a J**k I didn't want to offer that as the seller just said no to my 700k offer no counter offer or anything else.

My hope is I am the only one at auction and who knows.. I might get it for under 700k but I just want to do whatever I can to scare away other buyers (if there's any!).

I am tempted to offer fellow OzBargainers a free lunch if you all can turn up to the auction and make no room for legit buyers to come in HA!…

Any suggestions/recommendations appreciated, auction is this weekend.

Financial Real Estate

Comments

  • wordplay on 25/04/2018 - 16:44
    +38

    That property sounds just like what we have been looking for, Which area?
    and is the auction this weekend?

    • evak on 25/04/2018 - 16:45

      Kogarah - is this the same property you're looking at?

      • Quantumcat on 25/04/2018 - 17:42
        +14

        I think wordplay is pulling your leg

        • evak on 25/04/2018 - 17:57

          Ha, I figured just as much because he posted a rug deal in Griffith! So no, I didn't give him the real addy :)

      • aong152 on 26/04/2018 - 17:31
        -1

        Sweet, i think i know which property - i haven't been cleared for pre-approval yet (not buying for 6months+) but i was checking online and the property is way cheaper than all the surrounding ones, as well as being more modern and cheaper.
        Edit; oh, its not in kogarah.

  • eagleoftheeast on 25/04/2018 - 17:31
    +1

    I had the same problem is Melbourne,

    Sadly, there is nothing you do about it.
    Sometimes there are greedy real estate agent and sellers,

    The law will not help you in this case,

    I went to auction with several fake bidders and property was never sold.

    Best to keep emotion out of it as well,
    As one real estate agent called me after a property was Sold, offering to buy the place for more money,

    Best of luck

    • [Deactivated] on 25/04/2018 - 19:46

      How do you spot a fake bidder?

      • eagleoftheeast on 25/04/2018 - 21:17
        +2

        The bidders were back the next week, when the repeated by the auction.

        Also the property was never sold

        • Oofy Doofy on 25/04/2018 - 22:50

          How were they fake bidders? It's very hard to fake now, you have to have finance/money in the bank approved evidence to even be a registered bidder.

        • jjjaar on 26/04/2018 - 08:42
          +1

          @Bamboozle: you don't have to register as a bidder in vic. Just turn up and bid. No finance checks are done prior.

        • abb on 26/04/2018 - 10:45
          +7

          The bidders were back the next week

          So were you… Are you a fake bidder?!

        • Oofy Doofy on 26/04/2018 - 10:47
          +5

          @jjjaar:

          omg VIC doesn't have laws to stop fake bidders? holy crap that's a scam then, haha no wonder property prices down there are a joke. I'm in QLD.

        • eagleoftheeast on 26/04/2018 - 16:54

          Honestly, I was nosy neighbour at the time

        • doodo477 on 27/04/2018 - 08:14

          @Bamboozle: I'm sure they do have laws regarding fake bidders as it would constitute as fraud.

        • Zonty on 27/04/2018 - 10:07

          @doodo477:
          Unfortunately hard to spot fake bidder, but people do that,as final call is seller whether property will sell that price or not.
          My advice never tell agent what you can bid, how much your capacity.
          And when auction come just say no what your ready to pay for.if this agents(dogs) will have little smell of your finance they might try use fake bidder techniques.

        • doodo477 on 27/04/2018 - 10:47
          +2

          @Zonty: It depends……

          I purchased this house when I told the bidder exactly how much I wanted to buy it for.

          Here is what I did before buying a house.
          1. Go to as many auctions a possible, talk to all the real-estate agents and don't give them your details.
          2. Write down how many people turned up and the history of the bids and if the auction was passed in.
          3. Take a ladder and look at the air-vents, man holes, all the cavities of the house.
          4. Go to builders, electricians and ask them how much it would cost to over-all fix the damage and anything they can spot. Give them a free beer for their advice.
          5. Repeat 1.

          After doing that 20 or 30 times, you're ready to bid at a auction. I just never did, as I would estimate the price/value of the place and made an offer before or after the auction. Sit in the back row and watch how it is passed in. Go up to the real estate agent, and give them a offer + 10K from the passed in price.

          Normally they fold and sell.

          Please get your finances in order before a auction, as banks can/will pull finances 3 hours before a auction

    • Tiller76 on 26/04/2018 - 10:07
      +6

      Always wondered why the sellers are greedy? Aren't buyers of anything who want it as cheap as possible being greedy too? As a seller you want the highest price possible. As a buyer, you want the lowest price. Meeting at an mutually agreeable price is the point of a free market.

    • ely on 26/04/2018 - 17:11
      +4

      The law can help you in this case; in VIC if the vendor has rejected a bid at a given price then they quoting a range under that is underbidding (existing advertising must be updated to reflect the vendors new price).

  • goober on 25/04/2018 - 17:41
    +3

    I'll go I'm in the area. PM details. I hate all real estate agents. I bet it's McGrath

    • evak on 25/04/2018 - 17:58

      Thanks Goober, I was only kidding when I said Kogarah cos I know Wordplay was trying to pull my leg.. actually in the west direction, but thanks for the offer!

  • [Deactivated] on 25/04/2018 - 18:16
    +11

    In relation to Q1, that is illegal in Victoria since 1 May 2017 when the underquoting laws were introduced.

    “11. When do I have to update the indicative selling price?
    You must update the indicative selling price in the Statement of Information, if:
    • you change your estimated selling price
    • the seller changes their asking price, or
    • the seller rejects a written offer because the price is too low
    and that price is higher than the indicative selling price.”

    I am not aware if NSW has similar laws

    • Cartman2530 on 25/04/2018 - 18:39
      +2

      This would be interesting to find out as I'm sure it happens a great deal around Sydney.

      • evak on 25/04/2018 - 18:48
        +5

        I asked my solicitor, it seems like it has to be over 10% range and NSW agents have 1 week to revise the guide while VIC laws is 24 hours!

        • Cartman2530 on 25/04/2018 - 18:50
          +2

          Thanks for the quick reply!

          I'm sure that most places in the popular parts of NSW would be sold in less than a week!

          It would be nice if most laws in Australia were uniform across states, it would save a lot of confusion.

        • MrBear on 26/04/2018 - 09:22

          Did you put it in writing though?

  • fantombloo on 25/04/2018 - 18:41
    +9

    Now that they know what you're willing to pay they won't want to let it go for less even if it doesn't get interest at the auction. Don't count on getting it under $700k.

    • evak on 25/04/2018 - 18:47

      yes, I know, i am happy to pay up to 715k but worried that there might be competitors at the auction, trying to think if there's anything i can do to scare away the competition or even better no see any of them turn up!

      • josetann on 25/04/2018 - 19:06
        +10

        I'd bid $680k. If they come back and say something about taking your original $700k offer, say "well, that offer was made before I put down a $20k non-refundable deposit on another property that I'm looking at." Now, don't count on actually getting it, but if you did, I'd love to see their faces.

      • fantombloo on 25/04/2018 - 21:28
        +2

        trying to think if there's anything i can do to scare away the competition or even better no see any of them turn up!

        Short of starting with a solid bid, if the auction is on site then pay the neighbors to be obnoxious.

        • Quantumcat on 25/04/2018 - 22:05
          +12

          Yes get some vicious dogs and put them in the yards on either side and rile them up so they bark a lot. If you have a friend with a baby record it crying and play it in the neighbour house with good speakers. Find an abandoned car with a smashed windscreen and police notice stickered on it and tow it to the street. Bonus points if it is burned up or has no wheels.

        • evak on 25/04/2018 - 22:08

          @Quantumcat: Love this runs to knock on the neighbours doors hahaha…

        • subywagon on 25/04/2018 - 22:51

          Reverse Funny Farm.

        • idonotknowwhy on 26/04/2018 - 13:34
          +2

          @evak: Rent some subs, pay the neighbours to let you play loud dubstep with the windows open during the auction.
          Edit: I'd do it for about $200 if I were one of the neighbours lol

        • mezje on 26/04/2018 - 15:30
          +2

          This kinda reminds me of a time we saw an auction in Box Hill, shit time to have it, apartment complex going up next door on otherwise all house street. Plenty of tradies and building going on.

          Mid auction we went past in my mates built B20 type R and just launch controlled it. The look on the REs face was (profanity) priceless.

      • 4foxache on 26/04/2018 - 11:24
        +3

        My gut feel is you've probably got no chance at 715k, they'll be looking for 750k+.

        You might get lucky if the cards fall your way but I'd say unlikely knowing the games they play.

      • cameldownunder on 26/04/2018 - 11:55
        +1

        If it's out for 650K, expect to add another 20%, on top, making it 780K.

    • CheapSticks on 25/04/2018 - 19:25

      Second this !

      Only thing i would say is if you are willing to pay more than your last offer - ask the agent what the vendors are expecting and see if thats something that works for you.

      Whilst the market is slow - better than average properties in great location are still selling pretty well.

    • GangGang on 25/04/2018 - 21:27

      Not necessarily. If it goes to auction and doesn't reach reserve, you're not going to pay what you offered before auction. You would pay less.

      • fantombloo on 25/04/2018 - 21:30
        +1

        You assume people are sensible and fair. This is sleazy Sydney real estate - that assumption is not fitting.

        • GangGang on 26/04/2018 - 07:20

          I agree with you. Though it's up to the buyer.

          Imagine haggling with a car salesman the whole day and then not coming to an agreement and walking out. He calls you in 1-2 weeks saying come back in for same price. There's no chance lol.

          Its in the buyers hand he just has to play the game

        • fantombloo on 26/04/2018 - 07:46

          @Ynwa1986: IME (Sydney) real estate agents can me much more unscrupulous than car salespersons.

        • virhlpool on 28/04/2018 - 00:58
          +1

          This is sleazy Sydney real estate

          Not any more. Sellers are being set straight as we go. Wait for a few more months and see them deflated totally. I guess they've had hot air for a bit too long.

  • chumlee on 25/04/2018 - 19:04
    +7

    I don't know the Sydney property market but if it is a bit of a rare find because it's really large and has a lot of potential to add value, you may be dreaming about being the only one bidding at auction.

  • Ocker on 25/04/2018 - 19:19
    +8

    If you offered 700k and buyer indicates he wants 710k then make that offer. 10k difference is nothing in the longer term. Make the offer in writing and if it is rejected, and they keep the guide price at 650k then tell the agent you are going to report them to Consumer Affairs for misleading advertising.

    • fantombloo on 26/04/2018 - 08:02
      +9

      I agree with reporting them but this "it's nothing over the long term" thinking is just another manifestation of our credit culture and one of the factors leading to the ridiculous prices we currently have. $10k is $10k, needs to be earned, and spent either on the property or something else.

      • jjjaar on 26/04/2018 - 08:45
        +3

        Completely agree. I look at properties I wanted that sold for 10k more than what I paid for mine and think "oh it was only 10k I should have made it happen" but the reality is, I couldn't make it happen. 10k is a lot.

        • fantombloo on 26/04/2018 - 09:22
          +5

          Yeah, this haphazard approach with tens/hundreds of thousands of dollars has the banks laughing all the way. People here are trying to save pennies yet blow years of savings like this. I don't get how we've come this far.

        • virhlpool on 28/04/2018 - 01:02

          @thevofa: Banks are in trouble now and this won't go on for too long, trust me. You are absolutely right. $10k isn't a joke and property prices can't increase by $10k every 3 months.

      • idonotknowwhy on 26/04/2018 - 13:37
        +1

        Totally agree. $10,000 is $10,000.
        You wouldn't pay $10,001.09 to have a a USB cable shipped from Zapals, would you?

  • justhooked on 25/04/2018 - 19:53
    +1

    The agent knows they have one buyer that will go up to 700 so will probably set the reserve at that so if the property
    Doesn't get to 700 they will pass it in and go after you .they know you are still wanting it as you will be there with a bidding number . It's all a game you just have to play it right .

    • evak on 25/04/2018 - 20:37

      Thanks, I'm thinking of hiring a buyers agent to attend the auction on my behalf, I've been quoted $500 attendance and $1k if they win the auction - does anyone have any experience with a buyers agent? Should I invest that money?
      Also, forgot to mention initially the first time i spoke to the agent he said seller was interested at 700 to 730, hence why I put in 700, then he came back and said 710 to 730 the second time.

      • Quantumcat on 25/04/2018 - 22:07
        +1

        What benefit is there to hiring one unless you have multiple auctions you're interested in happening at the same time?

        • evak on 25/04/2018 - 22:10
          +1

          Some say the buyers agent can take the emotions out of it and sometimes speak to the agent pre-action to suss out the situation better - but I've never used one before so not sure what the point is?
          Re: emotions part, I was going to get a friend to do the bidding and give him my final price.

        • Oofy Doofy on 25/04/2018 - 22:53

          @evak:

          I've seen idiots hire buyers agents for crappy old suburban homes that don't even sell for that much, I swear they think making it obvious they have someone working for them makes them seem like they have money or whatever, a form of intimidation so to speak.

          I can't help but laugh.

        • idonotknowwhy on 26/04/2018 - 13:40

          @Bamboozle: I may have been known to pay people to negotiate deals for me from time to time :)

        • elgrande on 26/04/2018 - 22:02

          @evak:

          I'd reccomend attending atleast one other auction to see what its like.

      • justhooked on 25/04/2018 - 22:12

        Play the game call the agent and offer your 700 again and say it's your last offer and if they say no tell them that's your budget and you are out . Then use a buyers agent and keep away from the auction
        and see what happens.

        • evak on 25/04/2018 - 23:33
          +1

          Thanks, so I already did this and told him I am unlikely going to be at the auction due to another property I'm interested in.. but they thought about it, in the end they still said no. that's why I'm thinking of using a buyers agent to stay out of it, and if it sells at auction to another buyer.. oh well but if buyers agent wins at 715 or below then it's mine? I just know i like this property a lot so don't think it's sensible to get there myself. So thinking of either a friend or buyers agent!

      • frostface on 25/04/2018 - 22:24

        Sounds like a bit of a waste of money, the buyer's agent will just do what you would do anyway, except they'll just want to win at auction. Sounds like you've got two strategies: try to win at auction with a max of 715, or let it get passed in and negotiate 700 (or less?). Another option is to tell the agent you're looking other properties, or you might not turn up to the auction. This might freak them out if your the only serious bidder and might consider taking your offer of 700.

        • cameldownunder on 26/04/2018 - 11:59

          I think the buyer's agent is a bit more trained in refusing requests of "Gimme another 10K, and I'll talk to the vendor", just to use it to get the price up another 10K, and then come back and say, "no luck, but another 25K, and they might sell it"

      • kingmw on 26/04/2018 - 00:06
        +2

        Don't get a buyers' agent just a good friend or relative (therefore the emotion is removed) and get them to register as a third party bidder.

        Give them a set limit and since it's not their money they will stick to it.

        The biggest problem is what their reserve price is going to be on the day.

      • Archi on 26/04/2018 - 15:07

        we were in a position that we sold 2 properties before buying one that we live in now and the agent that sold our place came along to the auction and bid on my behalf.

        he had better body language and actually had a good strategy. don't think I could have exerted that type of confidence as a professional would. mine came for free.. not sure about paying for one though,.

        • Mike88 on 26/04/2018 - 19:46
          +6

          Was his strategy to pay more than anyone else at the auction?

        • Archi on 26/04/2018 - 21:58
          +1

          @Mike88:

          Nope we had a budget and he kept inside it..

          There was another bidder and ourselves. We came out strong.. and bid directly at the opposition with an assertive body language and matching opponents bid pretty much straight away as soon as they called it… My agent was very intimidating.. the other guy tried to slow the auction by lowering the increments so whatever he called we matched the same straight. He gave up a and we paid about 5k more than my pre auction offer.

        • Quantumcat on 27/04/2018 - 00:16
          +2

          @Archi: i think Mike's point was there is no strategy at winning an auction, you don't get bonus points for how you look or speak. Only thing that matters is paying more than anyone else on the day. Which any literate human can do. Waste of money to pay someone if you are available.

        • Bramey on 27/04/2018 - 15:33
          +1

          @Quantumcat: I honestly don't know if it really does make a difference or is worthwhile having a buyer's agent. However saying that "the only thing that matters is paying more than anyone else" is like saying "the only thing that matters in poker is having the best hand" when clearly that is not true.

        • buckster on 27/04/2018 - 18:03

          @Bramey: agreed, there's a lot in bluffing.

          I've heard rocking up in your investment BMW tends to lower the mood of other prospective purchasers pretty quick

  • JIMB0 on 25/04/2018 - 20:23
    +10

    The reserve price will now be 715k after the agent reads this thread.

    • Dont Care on 25/04/2018 - 23:25
      +1

      real estate agents are not on ozbargain.

  • Dont Care on 25/04/2018 - 23:25
    +1

    You should offer $710 K and if knocked back just move on.

    • kingmw on 25/04/2018 - 23:57
      +5

      DO NOT do this, the agent and vendor will try to keep pushing the price up. i.e. You offer 710k then they will say they wanted closer to 730k and can you go higher.. and so on.

      Just stand firm that 700k is your final offer until they come back with a definitive/set price they will sell at and not a BS range (ie. they come back to you saying they will sell at 715k and can exchange contracts now etc)

  • kingmw on 25/04/2018 - 23:51
    +2

    Need a few answers first

    1) Is the real estate/bank evaluation worth that much? if you haven't checked then check online here https://nabpropertyinsights.com.au/form.php
    2) Planning to live in it or invest?
    - If you are planning to live in it then 10k probably is not a big deal in the long run
    - If investment then it depends on your calculations and whether the property is worth it including before and after renovations and their costs etc.

    Turn up on the auction day to see how many bidders register. They will try to get you to pay more on the day but stick to your budget as well as what you think it is worth.

  • Nicoletta on 26/04/2018 - 07:44
    +2

    I used to hate showing my hand to agents, but sometimes it’s unavoidable. Don’t lose a house you want over a few thousand because an agent/seller has annoyed you.

    Bid strongly at the auction. Only bid once it’s “on the market” (I’m assuming that’s also a thing in NSW). Outbid your competition in large increments - don’t get sucked into $500/$1000 wars. Once you get to your limit cross your arms and just shake your head when they look to you for a bid.

    Good luck!

    • kolorijo on 26/04/2018 - 09:00

      ^^On the market is the key word. No use bidding in an auction when the vendor is not going to sell.

    • Halo375 on 26/04/2018 - 09:34
      +1

      This - bid strong to show you’re serious and stop once you hit your limit.

    • bl1027 on 26/04/2018 - 12:04
      +2

      This!

      If this is the house you want, then don't be cute and try to 'play the system'. Put in your best offer and if rejected, then walk away.

      People get so het up over how the agent treated them and go into 'ha! That'll show them' mode but honestly, the agent has nothing to do with it.

  • geoffs87 on 26/04/2018 - 09:27
    +4

    I wouldnt show any further interest until auction day, and i'd open the bidding at 700k. Its unlikely you're going to get it for less, and hopefully that bid will blast people out of the water, but if they have anyone else thats serious, they'll come to play straight away, and you will know straight away if this place sells over your limit.

    I was looking at a place that was listed at $1.2 in Drummoyne last year. The agent used all the tricks in the books to keep us interested at that lower price. I made an offer of 1.25 before auction, rejected.

    On auction day, there was only me and one other. I tried to open the bidding at $1.2 and the auctioneer rejected my offer… funny right? Rejecting the first bid AT the price guide… anyway, thats when i knew this one wasnt going to sell anywhere near $1.2. The other buyer and i eventually bid it up to $1.42m ($1.4 was my limit), and i was the underbidder. In reality, i'm glad i didnt buy the place, it wasnt in my search area, and i've since bought something cheaper and nicer in my search area.

    The moral of the story, the agent did an amazing job stringing me along, because if i wasnt there, that other buyer probably would have bought it outside of the auction for less than 1.4. Many agents are sneaky and will use tricks to bring people to auction, to increase the price, their payday, and most importantly their profile…

    The agent that helped me sell my last place, helped us get 250k more than an almost identical property in the same block, with only about 50k extra of work in it. He then went on to tell me later (after i was looking at buying a place through them i liked, but didnt end up going to the auction) "Mate now you know, you sell through us, don't buy through us".

    Anyway, best of luck, report back here how you go on Saturday!

    • Fever4shakin on 26/04/2018 - 10:50
      +3

      Your story is everything wrong with the real estate market. Is there any way to buy a property and not feel like you've been played? It's disgusting.

      • geoffs87 on 26/04/2018 - 11:53

        unfortunately, yes

      • Typical16-bitEnjoyer on 26/04/2018 - 15:05
        +3

        Of course there is.

        1 Find property you like and meets your needs.
        2 Make sure it's value meets the market.
        3 Offer what you can afford.
        4 Don't offer a cent more.

        • Fever4shakin on 26/04/2018 - 15:15
          +1

          I bought my first property towards the end of last year and am happy with the price I paid. It was the same price as two near identical places that sold in the 6 months prior in the same suburb. That said, I was still unhappy with the realtor and the pressure put on me to 'get it down on paper' (it was a pre-auction offer). I made some rookie mistakes in that regard but it was a good learning curve. I just dislike that they turn something that could otherwise be straightforward into a game. Particularly as a first home buyer you're very vulnerable.

        • Typical16-bitEnjoyer on 26/04/2018 - 15:17

          @Fever4shakin:

          Agent is doing their job. Getting the maximum return for the vendor. What's the issue?

          When you come to sell your property in the future, do you want the best return? Or do you want the purchaser getting a great deal cheap and having such a happy experience that they send you a postcard at christmas?

    • cameldownunder on 26/04/2018 - 12:03
      +2

      The agent also can go back to the vendor and say "Look at all the people interested, if the most that they are willing to offer is 1.3, then this must be the right price". Real estate agents are working both sides. Stand your ground and don't get fuc… fooled

  • the Unforgiven on 26/04/2018 - 10:27

    I would offer 715,000, they either sell to you for that price or wait till the auction & you could be outbid

    what is the weather forecast for auction day? a rainy day may keep people away

    I just sold my place for 250,000, but I live in the Victorian bush :) I will have to rent now as I don't have enough money to buy, also I get rent assistance with renting as I am on a pension

  • abb on 26/04/2018 - 10:48
    +1

    Walk away.

    They'll come back to you when they fail to get any higher offers at auction.

  • mshanann on 26/04/2018 - 11:27

    Is there any more inspections of the property pre-sale where the agent will be present?
    And if so, do you have any family in the area? Off-the-cuff mention to agent family member X plans to list home mid-year. Mention the name of a high performing agent's name preferably from the exact same office (as that to whom you are dealing with), or at the very least in the same suburb, and that your family had planned to contact them etc etc.
    You will likely find that the agent becomes much more interested in you and may give you some advice on the auction.

    A pre-auction written offer generally also needs to remove some of the buyer protection clauses that would otherwise be afforded (to make it as attractive from a seller's perspective as a normal auction purchase). I.E subject to finance / subject to building and pest etc.

    Good luck.

  • snook on 26/04/2018 - 11:28
    +3

    I went to Auction where the agent SWORE they wanted 1.3
    I bid up to that but others went higher. It was my limit. I stopped. The other bidders were pushed up to 1.42 eventually for the sale. Agent then SWORE he had NO IDEA this would happen. Whatever dude…

    You can be the only person there. If the greedy f88ckers want more, it will just be passed in at auction.

    I had a friend who offered pre-auction like this and got outbid by someone else. They then declined to follow through. Agent came back to my friend and friend offered less than before and said bad luck. Got it for the lower price.

    Everything depends on how much the sellers need the sale i reckon and you can never know that. I've seen "must SELL"s languish on the market for months, until the market catches up to the price the idiots want.

    I ended up buying a house that was just for sale with 'offers over 1.35'. I only had the 1.3. The sellers were DESPERATE to go and took it.

  • jaybo on 26/04/2018 - 11:29

    wait for the auction to fail again then offer 690. if they're serious about selling they'll come and negotiate you up rather than reject your offer outright.

    if they're not serious about selling then f*** them, let them pay another $20k for a second advertising campaign/auction.

    • SnoozeAndLose on 26/04/2018 - 11:39

      Auction only cost $330 for the actionee to attend. No more advertisment fee, you only pay once which it is the commission to the agent.

      So the agent would want it to be sold, so that his re work or the same commission.

      • kingmw on 26/04/2018 - 15:13

        Well the agent will be trying hard to push the sale to the buyer and seller because there is no pay day until the contracts are exchanged.

  • notbad on 26/04/2018 - 11:36
    +2

    everyone is upset as a buyer until you are the seller
    i was a seller recently and through stupid 'illegal' tactics, i made 10% more than i was expecting

    • bl1027 on 26/04/2018 - 12:21

      Haha so true.

      I sold my own house (no agent) and got 2 buyers to bid against each other. Call me immoral / dodgy whatever, but you would do the same.

      Anyone who says they will happily leave money on the table is lying.

      • notbad on 26/04/2018 - 12:42
        +3

        the same way a buyer wants to pay less than market value, the seller wants more..
        at the end of the day the property will go for whatever someone is willing to pay!
        not sure why i got negged haha

  • jsheroes on 26/04/2018 - 12:03
    +2

    Don't stuff about with a buyers agent, just turn up. Your 700k bid has already told them where they need to set the reserve. Sit out of the auction until bidding looks like it's about to stop. Get in and bid aggressively to your budget.

    There's literally nothing else you can do to influence price. What the winning bidder pays is down to what the underbidder's budget is. And if there is an underbidder (luck you if there isn't), they've likely already decided their budget at this point.

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