Auction on Thursday

Hopefully I'll be successful. It's a structural renovation, full gut job. Very high demand suburb. I really want this place because I think the opportunity to do well is decent for average risk. I know a couple of things about it other buyers probably don't so the scope to add value is larger than most would expect on first glance.

Price point is around 3.1m. I'll do a structural reno (taken my builder through already) for around 400k. High end . Could sell shy of 4.6- 4.8 mil, .. Reno will take approx 3-4 months.

Haven't been this nervous going to an auction in a long while .

Fingers crossed.

 

That's interesting numbers even in after sale ''Tax --Dollars'' ,just have a shave ,wear your best shirt on the day and stay calm ,as unpredictability can be a very strong deterrent for all the others once it goes into the final minute ..good luck..

 

Thanks. It's an on line auction though. First time going to one...

 

Good luck!

One thing that flustered me my first time was that my camera was using the blur background filter so it was hard to show my bidding card without it being blurred.

 

Thanks mate.

The agent is extremely useless. Hasn't even contacted me to talk about the online bidding procedure or to talk in general lol and she knows I'm very interested. It's a good thing though, hopefully she's treating other interested parties the same.

So will I be seeing only the auctioneer? Do I get to see other bidders?

Thanks

 

I only went to 4 online auctions, all in NSW, so bear in mind yours might be different.

For those, all bidders are required to keep their cameras on throughout the auction. There are normally a few RE staff also in there with cameras off. Each bidder waa required to change their zoom/teams/etc display name to their bidder number. To make a bid, bidders were required to hold up either a printed-out bidder card or a picture of the bidder card on their phone while making their offer.

So you'll see the bidders, but in a lot of cases bidders will also have several people (family, friends, etc) off-screen.

 

Wear a mask

Stay at least 1.5m from your camera, social distancing is important.

Sanitise each time you touch your paddle

 

Thanks for that!

 

Grrrrr.....I think they'll be at least 1 emotionally charged bidder tomorrow.....which will take me out of the running. Been talking to a few players involved in this sale and my chances aren't great me thinks. I'd put me at 25 to 30% now. If I'm successful tomorrow, I'll be bloody ecstatic!

 

Hey @Sackie good luck and I do hope you're successful. As for online auctions, there are several ways that agencies are running these so it depends on what platform they're using. If using Auction Now or Auctions Live, for example, you don't see anyone apart from the auctioneer and it's keyboard entered bids only.... ask them how they're conducting and make sure you register well before time in case of any tech issues (they're quite common, unfortunately) Keep us posted!

 

Thanks @Jacque It's auctions now I believe . I've already registered and had a few practise plays and watched some YouTube clips too. The agent also said I can call them anytime during the auction if there is IT difficulties and they will answer straight away .

Fingers crossed

 

You hope that she answers

 

I got her number, the auctioneers, the principle's and an assistant working for them at the auction. Someone should answer....

 

Just pray that there aren't more than 4 interested parties.

 

Believe me I am. It's very hard to believe anything the selling agent says so I take whatever she said with a grain of salt. I do have an inside contact though who has told me I have a decent chance. We'll see.

 

Building and pest came back fine. Only minor blockage in drain. So good to go for tomorrow. We paid 299 for BnP, piggybacked off someone else. Full price is 500. I wonder how many others downloaded it for the price to come down to 299..

 

Forgot the most important part...use your covid check-in app to check-in as soon as you login.

Need to help those contact tracers incase the auction site was declared an exposure site

Good luck @Sackie !

Cheers,
Orace.

 

@Sackie how did you go? get your result?

 

Grrrrrr no.

The final bidder was willing to pay too much for it to make business sense for me. Would have eaten into the profits a bit too much to make it worth it for me. Must be a PPOR buyer willing to pay a super premium above even other comparables. Good for them.

Going to a few more off market properties . I'm determined to get one for the right price.

 

you said 3.1? how far overs?