Just remember that auctions aren’t the only way. You will find others that are based on the offer system but the key thing is to make your offer as attractive and clean as possible. Sounds like you are well on your way with pre approval which is at least a first step.
Hi , don’t be disheartened , in 2015 my wife and I went to a lot of auctions having done the due diligence with zero results , including the auction flying past our top bid in a bout 30 seconds , at one we were the last ones bidding against a couple who were holding champagne glasses and a bottle and clearly weren’t going to stop. In the end we found a house we were really keen on and which had a listed price we could just negotiate through the selling agent after doing our homework. This is definitely my preferred way of doing business 😀. Good luck, it’s stressful but you will get there 😀
For me, an auction would be my least preferred option. Perhaps I'd consider it if I was looking for an investment property or a doer-uper, otherwise I'd stay clear. You just need to be patient, register with agents, view properties, and do your due diligence, then something will come up. If not, then carry on renting a little longer!
It’s nothing about luck, you went for the best house. It might not has been the biggest but definitely the most attractive one for all the other buyers as well. So of course someone purchased it for more, since the house market went up but valuation is based on the last three to six months data in the area, so if the market went up it means that the valuation will always be lower until it stops going up. Instead of going for the best house in the area, I would suggest to buy slightly run down house which isn’t the most attractive one but in a good location. Wait until it is being passed at the auction than place a conditional offer, depended on the finance. Once the seller agrees on the offer start getting bank valuation and bank approval, that’s how we were able to purchase our house with 10% of deposit in very expensive area and great school zoning. There is lots to learn but otherwise you will spend lots and end up without a house. Anyway good luck 👍
Your right house will come when you least expect it. Houses here used to be sold like that but the high demand has caused lots of greed with the agents.
We so sorry Katie that the first attempt didn't work out as expected. Don't worry, what's meant for you will find its way to you. 😘This is simply a valuable learning experience.👍 Have you ever considered the idea of building your own home? There are companies that offer land and construction services. You can select the location and model, and even make custom changes to the plan. Prices are competitive.👍 Just do some research. Sending lots of love to both of you💖💖
Naw Katie. Sorry that you didn't get the house you were after. It wasn't meant to be meaning there is something better, waiting for you and Special K, to purchase. Just keep looking and hopefully something will come up soon. Would be awesome to get your own home, especially in New Zealand, where real estate is not good value for the spend.
I hope you guys have had more luck in the month since this was posted. We’re in the same boat… we’ve been to 5 auctions and lost. The last one, we went in confident because all the others had gone for 20% over value, and our budget allowed for that with that house. It went for 46.5% over. You’re brave going, especially alone. I was so traumatized after our first that I’ve refused to go to the others and my husband goes alone. Haha.
I’m so sorry. I truly do not understand how houses are going for significantly more than they are worth. It is absolutely insane. Are you looking in Christchurch???
Yep. We’re Americans in Chch as well. The whole process is disheartening, frustrating and demoralizing. Our first auction was an eye opening experience. But every one since has continued to shock us in new ways.
Wow you really jumped into the lion's den going to an auction! The lack of prices on listings right now is indicative of a volatile market. It creates uncertainty about current property values. Vendors may also believe that their property is worth more than the current market value, so agents like to use Auctions or By Negotiation as a way of reducing their expectations. I find that resources such as OneRoof quite useful in determining what a property is realistically worth. As a buyer you just need to be patient and try not to get emotionally attached to any property that's not yet yours!
Put your name down with all the agents and a rough price as a prospective buyer and sometimes you can get a house before it even goes to market. Timing is everything, you guys will find something
Hey guys, stay strong. You might loose a couple but then find the perfect house around the corner. New Zealand 🇳🇿 house prices are crazy with the cost of materials, shortage of builders, New Zealand being such a small place and the foreign investment that happens here where ALOT of overseas buyers buy property and the just sit on the houses vacant which is a huge problem for New Zealand. Are you guys eligible for the first home buyers grant as immigrants? Just wondering. Good luck guys.
I don’t think we are eligible since we owned our home in the states. The bank doesn’t consider us first time buyers even though it’ll be out first purchase in NZ.
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Just remember that auctions aren’t the only way. You will find others that are based on the offer system but the key thing is to make your offer as attractive and clean as possible.
Sounds like you are well on your way with pre approval which is at least a first step.
We are hoping to find a deadline sale or negotiation! Much less intimidating than the auction room!
Ahhh shoot!! Good luck🫶🏼 Will be thinking about you two💓
Hi , don’t be disheartened , in 2015 my wife and I went to a lot of auctions having done the due diligence with zero results , including the auction flying past our top bid in a bout 30 seconds , at one we were the last ones bidding against a couple who were holding champagne glasses and a bottle and clearly weren’t going to stop. In the end we found a house we were really keen on and which had a listed price we could just negotiate through the selling agent after doing our homework. This is definitely my preferred way of doing business 😀. Good luck, it’s stressful but you will get there 😀
Holding champagne?!? That is so intimidating! Going to try for negotiable or deadline the next time around!
Good luck with your next auction, they are ruthless at the auction, make sure your budget is 25% higher then the evaluation or your own estimates
Thank you. We will definitely try to stay away from auctions if we can!
For me, an auction would be my least preferred option. Perhaps I'd consider it if I was looking for an investment property or a doer-uper, otherwise I'd stay clear. You just need to be patient, register with agents, view properties, and do your due diligence, then something will come up. If not, then carry on renting a little longer!
Love your hair up like that!😊 Catching up on what I've missed here right now😊👋
Welcome back! ☺️
It’s nothing about luck, you went for the best house. It might not has been the biggest but definitely the most attractive one for all the other buyers as well. So of course someone purchased it for more, since the house market went up but valuation is based on the last three to six months data in the area, so if the market went up it means that the valuation will always be lower until it stops going up. Instead of going for the best house in the area, I would suggest to buy slightly run down house which isn’t the most attractive one but in a good location. Wait until it is being passed at the auction than place a conditional offer, depended on the finance. Once the seller agrees on the offer start getting bank valuation and bank approval, that’s how we were able to purchase our house with 10% of deposit in very expensive area and great school zoning. There is lots to learn but otherwise you will spend lots and end up without a house. Anyway good luck 👍
Your right house will come when you least expect it. Houses here used to be sold like that but the high demand has caused lots of greed with the agents.
We have hope that we will find one soon! 😊
We so sorry Katie that the first attempt didn't work out as expected. Don't worry, what's meant for you will find its way to you. 😘This is simply a valuable learning experience.👍
Have you ever considered the idea of building your own home? There are companies that offer land and construction services. You can select the location and model, and even make custom changes to the plan. Prices are competitive.👍 Just do some research. Sending lots of love to both of you💖💖
We will check it out!
Naw Katie. Sorry that you didn't get the house you were after. It wasn't meant to be meaning there is something better, waiting for you and Special K, to purchase.
Just keep looking and hopefully something will come up soon.
Would be awesome to get your own home, especially in New Zealand, where real estate is not good value for the spend.
So many homes have popped up within the last week! The right one will come! ☺️
Auctions, give the vendor chance of getting more money.Real estate , the same..go it alone.💪✌️
They feed off the emotional attachment. Real Estate Agents also love them because it's more income and they they can get a quicker sale that way!
It was crazy to watch!
I hope you guys have had more luck in the month since this was posted. We’re in the same boat… we’ve been to 5 auctions and lost. The last one, we went in confident because all the others had gone for 20% over value, and our budget allowed for that with that house. It went for 46.5% over. You’re brave going, especially alone. I was so traumatized after our first that I’ve refused to go to the others and my husband goes alone. Haha.
I’m so sorry. I truly do not understand how houses are going for significantly more than they are worth. It is absolutely insane. Are you looking in Christchurch???
Yep. We’re Americans in Chch as well. The whole process is disheartening, frustrating and demoralizing. Our first auction was an eye opening experience. But every one since has continued to shock us in new ways.
Wow you really jumped into the lion's den going to an auction! The lack of prices on listings right now is indicative of a volatile market. It creates uncertainty about current property values. Vendors may also believe that their property is worth more than the current market value, so agents like to use Auctions or By Negotiation as a way of reducing their expectations. I find that resources such as OneRoof quite useful in determining what a property is realistically worth. As a buyer you just need to be patient and try not to get emotionally attached to any property that's not yet yours!
We figured we would just go for it! 😅 We learned a lot and we would have regretted not trying at all!
Put your name down with all the agents and a rough price as a prospective buyer and sometimes you can get a house before it even goes to market. Timing is everything, you guys will find something
I totally agree. It costs money to promote a property, so agents will try to line up potential buyers in advance.
I’ll give it a go!
Hey guys, stay strong. You might loose a couple but then find the perfect house around the corner. New Zealand 🇳🇿 house prices are crazy with the cost of materials, shortage of builders, New Zealand being such a small place and the foreign investment that happens here where ALOT of overseas buyers buy property and the just sit on the houses vacant which is a huge problem for New Zealand. Are you guys eligible for the first home buyers grant as immigrants? Just wondering. Good luck guys.
I don’t think we are eligible since we owned our home in the states. The bank doesn’t consider us first time buyers even though it’ll be out first purchase in NZ.
Hit those Likes people! Goodness me!
Haha! You’re my biggest cheerleader!
If you can work remote look else where.
Where are you looking?
All over Christchurch!
@@eisonnewzealand good luck