Only two contracts issued before auction this weekend

Discussion in 'The Buying & Selling Process' started by RE2019, 31st Oct, 2019.

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  1. RE2019

    RE2019 Member

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    Hi all, our property goes to auction this weekend 2 November but only two contracts have been issued so far. We have had about 20 groups through the place over the past four weeks and feedback on the place has been excellent. However, I can’t imagine any potential purchaser is going to bid without having had their solicitor review the contract so that leaves us with only two potential starters, is that correct?

    Our agent thinks it will probably sell very soon but probably not on auction day. We know there are quite a few interested parties who has said they are coming to the auction though but they haven’t asked for contracts. This is a rural property in regional NSW.

    Any advice appreciated.
     
  2. Morgs

    Morgs Well-Known Member Business Member

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    I've seen numerous examples where a house was bought by someone who hadn't had the contract reviewed - or in some instances the buyer had not even inspected the property prior they just lobbed up and bought it!

    About the only thing I could suggest at the moment is to ask your agent to do the ring around to the other 18 parties to ascertain where their level of interest is (if at all) and give you some specific buyer feedback.

    Good luck!
     
    Archaon likes this.
  3. RE2019

    RE2019 Member

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    Thank you very much. The agent is definitely following up everyone who has been through it. It’s heartening to know that there might be more bidders on the day. Fingers crossed!

    I should also mention that we’ve had a full pest and building report done and that has been available at every open so hopefully that has built some confidence amongst potential buyers.
     
  4. Propertunity

    Propertunity Well-Known Member

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    No, not correct - 'usually' agent statistics show that only 50% of the contract takers will register to bid at the auction. Of those that register, less than 50% will even raise their paddle to bid. So your auction is not looking good. But the advertising should attract some interest.

    As @Morgs said, there could be a random buyer on the day - I've seen this happen, though not frequently. The agent should be doing the ring-around to advise you of their feed-back. If only 1 attending they may cancel the auction and do a private treaty negotiation with interested parties.
     
  5. RE2019

    RE2019 Member

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    Thanks Alan. That’s why I said “potential” buyer. I’m aware that not everyone who asks for a contract will even turn up on the day. Hopefully we can find out more today. I appreciate your reply!
     
  6. Propertunity

    Propertunity Well-Known Member

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    That's why some agents call them contract takers rather than contract holders. I wish you well for the day.
     
  7. RE2019

    RE2019 Member

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    Thank you
     
  8. Car tart

    Car tart Well-Known Member

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    Please tell us about the property, so we can cheer you on this weekend.
     
  9. RE2019

    RE2019 Member

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    Thanks Car Tart I’ll report back on the weekend
     
  10. Archaon

    Archaon Well-Known Member

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    Only need one person to meet your reserve.
     
  11. kaibo

    kaibo Well-Known Member

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    what happened?
     
  12. 3rd Drop

    3rd Drop Well-Known Member

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    Very true. I did this with my PPOR purchase this February. Don't worry, if it's in right price range, people will show up.
     

The shift to the regions has been quite profound with Millennials and Gen X leading the way. It seems affordability, lifestyle, and working from home have been the key drivers from which these generations have been able to take most advantage.