Selling via auction - How to get the best price

Discussion in 'The Buying & Selling Process' started by devank, 12th Jul, 2015.

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  1. skater

    skater Well-Known Member

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    I can see your point, however in my case, we are looking at a LOT more than $5-$10k. Plus I think that auctions work well in some areas, and not so well in others. For instance, the area I am selling in is FHO's territory. A lot of them don't like auctions, which is why I love auctions but only in a buyers market.
     
  2. devank

    devank Well-Known Member

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    Small update. Got an offer close to the reserve (2% less). We still have 9 days left.
     
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  3. Mumbai

    Mumbai Well-Known Member

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    you should wait for the auction, given the craziness in sydney
     
  4. devank

    devank Well-Known Member

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    So far 25 keen groups inspected.
    One asked for 9 weeks settlement instead of 6 weeks. I said yes.
    Another asked for 5% deposit instead of 10%. I said yes.
     
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  5. sash

    sash Well-Known Member

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    Yep...Specufesters are still seeing prices rising.....APRA has taken the sails out of the Sydney market...good luck to anyone trying for top dollar past Sept when finance pre-approvals from June run out and banks strictly enforce the new policies...

     
  6. Ed Barton

    Ed Barton Well-Known Member

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    They rarely work in Brisbane. Except one, the only auctions I've seen achieve market or higher price are MIP, deceased estate etc - people will pay more to get a 'bargain'.
     
  7. aussieshorter

    aussieshorter Well-Known Member

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    Spoke to our agent a few days ago, and asked him for the names of the auctioneers he'd look at using (we'll be going to auction in a couple of months).

    He didn't mind giving me the names, but was quick to say that the auctioneer doesn't really matter as anyone can count. Apparently it's all about the marketing campaign and getting people interested (i.e. he was saying it was him that would be doing the hard work).

    Rest assured, I'll be checking out the auctioneers anyway, despite the agent's biased advice!
     
  8. devank

    devank Well-Known Member

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    Had two offers. Five other parties were going to attend the auction but they were 'thinking' lower than the current offers.
    Finally signed the deal at 108% of our reserve price.
     
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  9. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    OMG OMG OMG Well done!!! Very excited for you @devank
     
    Last edited: 24th Jul, 2015
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  10. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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  11. Lisa Parker

    Lisa Parker Well-Known Member

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    Both are really important. I have seen average auctioneers wind a crowd down, and I've seen good auctioneers take advantage of people who don't know how to bid at auction, getting them to increases their own bids by $50k or $20k with no other competition.

    Yes.....it really DOES happen.
     
  12. D.T.

    D.T. Specialist Property Manager Business Member

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    +1 This :D