Interstate Auctions

Discussion in 'The Buying & Selling Process' started by JZ93, 22nd Oct, 2016.

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  1. JZ93

    JZ93 Well-Known Member

    Joined:
    29th Jan, 2016
    Posts:
    86
    Location:
    Melbourne
    Hi guys

    Id like to get some insight into the processes people take in buying at auction interstate.

    With my first purchase I had no issue buying sight unseen, with a pm walking through and a b&p report.

    But in terms of due dillegence how are experienced investors tackling this situation. Id imagine it would be fairly costly to pay for a b&p or to fly down for every auction had. Or do you just take a risk at the hope of getting a great deal?

    Thanks
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,977
    Location:
    Canberra, Brisbane and Sunshine Coast
    I'd pay a BA

    Cheers

    Jamie
     
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  3. Propertunity

    Propertunity Well-Known Member

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    19th Jun, 2015
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    3,476
    Location:
    NSW
    I know this is biased advice coming from me as a BA, but get a local buyers agent as @Jamie Moore said.
     
  4. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    9th Jul, 2015
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    3,183
    Location:
    Perth
    Not biased at all just sound advice.

    Yes you will fork out circa 2-3% for the BA service but massively decrease your chances or should be completely eradicate the chance of getting a dud.

    Going it alone you might get lucky or you might not and as property is a 10+ year proposition you wont stress about the BA fee when you get an A grade IP and its grown as predicted.
     
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  5. Rich2011

    Rich2011 Well-Known Member

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    9th Aug, 2015
    Posts:
    1,315
    Location:
    Brisbane
    Agreed as above. A good BA with local knowledge of the market and especially the agents/opportunities where you can get a good deal can be well worth the BA fee. It would take many months and many interstate trips and time before a buyer picked up on where to find the best opportunities.