Cancelling Auction Day Before

There is something morally wrong to cancel an auction that was advertised for weeks as a trustee auction - a day before because they accepted an offer. Especially when people wasted money getting strata reports and organising finance in good faith to attend.

I don't care if they have a right to do it morally it just isn't right - they should have at least provided a strata report to minimise the expense wasted for potential buyers.

This really puts me off buying property, this coupled with the stupid crap we've been through buying our SMSF and I am completely over property. Would rather spend my money on a holiday and die poor.

Rant over

 

I can understand your frustration and disappointment, especially as you had spent money having the usual checks done.

Did the agent contact serious potential purchasers, giving them an opportunity to counter offer?

In any case, keep persisting, it will be worth it in the long term. If you give up and spend your hard earned savings now, you will regret it in the future.

Regards Jason

 

"Friendly Auctions" are supposed to mitigate this problem somewhat... don't know the full ins and outs but in a FA the vendor supplies the B&P or strata report.

 

If a canceled auction (which you were not guaranteed to be successful at anyway) upsets you that much, maybe a SMSF is not the way to go for you? It's not for everyone. You need a certain type of temperament to manage and invest at that level. You need to leave the emotions out of investing. Stuff happens.

 

Try the first world problems thread.

 

I went to an auction last weekend for a client. Recently comps including a house down the road by same agent put this place at 445-465k. It was with me at 3rd and final call at 450k, looked in the bag. Then two builders decided to slug it out and I got in the car and drove away when they got to 520k and rising, bidding away their margin to secure it.

 

That's the right attitude

 

I hate auctions with a passion. I went to several auctions and now due to the fear of the val coming way under, I really don't want to put myself in this senario.

 

Im pro auction but this highlights how inefficient they can be.

 

I always prime clients about property purchases. There are so many variables and unkowns that issues invariabley arise and when they do we adress them calmly and efficiently and press on. Whingeing about them only magnifies the problem and changes nothing except the atmosphere.

You do need a certain temprement for IPs and if you dont have it then explore other investing options but they will have there challenges as well.

Did you do a skid?

 

Solution: don't waste your time with auctions..

 

If that ****** you off then how about being up almost all night for a week to negotiate a deal in Australia while you are in Europe on a semi holiday. Agent completely wasted my time, i spent a few thousand on various reports, legals and paid someone to attend an auction for me and missed out by 20k. Agent flat out lied about amount of interest in the property, massively underquoted and was deceitful on a few other fronts basically using me to push up the price for her client. Good for her and client. I would want my agent to do the same for me. Anyway the deal was dead at 1:15pm and at 1:16pm i had completely wiped out everything that just happened.

Chased another deal over the next few days and was successful, closing the deal in about 4 hours.

The point is do you want to be ****** or do you want to achieve your dreams? It's really that simple.

my 2 cents.

 

I thought it only happened to me, newbie. Twice in last few weeks. Make me feel better now @Leo2413

 

Happens to us all. Important thing is to not let it derail you from your goals and just keep punching ahead. The longer you're in this game the more $h%t you're going to experience. It's just part and parcel of the path to getting to the end game. I just say good for them and move forward. Afterall I'd want my agent to be as sharp as theirs when the tables are turned. Gotta be able to take it just as well as you give it imo.

 

No, not really, however I always ask if they are going to auction or taking offers before, if the agent is decent, they will let you know if it changes, but hey, a lot won't.

I do not like auctions myself, in a hot market I think it is madness x 2 for the most part.

Even buying with a normal sale you can/do lose quite a few with a lot of wasted time.

Part of the territory really.

 

Nope, I wear brown undies to auctions