Hi,
Auctions are something that i've kept away from, however i'm currently investigating what i believe is a good deal on a deceased estate that is going to Auction. I’ve spoken to the real estate agent about the possibility of putting forward an offer prior to Auction, which they advised is something that can usually be done. However in this circumstance, there are multiple parties involved in the sale and it is being handled by a solicitor who will only accept sale by auction as a true reflection of market value to avoid conflict among the parties selling.
I am familiar with the process of putting offers together and strong at negotiating, however a plan of action for an Auction has me stumped. I’ve had a look through the course notes on Auctions in Section 61 but it only scrapes the surface.
Hope someone can give some advice/tactics or a possible game plan?
Kind Regards,
Penny
hi penny
sounds like there are a few more hurdles then normal purchasing , but if you no the area and not your strategy and if you can get the house at the right price and the right terms for your strategy maybe buying at auction can be a great thing i cant say i have done it . but i have been to auctions and seen how other people have had a exact amount of money they would purchaser for not a dollar more so i think if you stuck to that and not get wrapped in the emotion of a bidding war you can purchase a good deal . only my opinion no advise given
daniel
Hi Daniel,
You are right, if i can get it under the right terms for the right price i will be getting a good deal. I have my price set that i will not go over, so from now can only hope that no one else bids higher, if they do then thats ok, it's been a great learning curve so far anyway and i'll be more equipped for the next property that i find.
Penny
Hi Penny,
Even though it was a while ago, how did you end up going at this auction?
Karl