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Buying At Auction Story [DON'T MAKE THIS MISTAKE]
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- Опубліковано 18 сер 2024
- In this video I go through a recent auction experience, and a few lessons I hope you can take away.
00:00 EVERYTHING WRONG with Property Auctions
02:37 My first mistake was...
03:31 All the money I wasted
07:30 When I was completely wrong
09:42 The odds are stacked against you
10:10 Its a frightening process
10:35 Why I'll never go to auction again
For more info www.huntergall... and www.huntergall...
For home loan enquiries
jayden.vecchio@huntergalloway.com.au
Find Jayden here:
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T: 1300 088 065
E: hello@huntergalloway.com.au
Mortgage Broker Brisbane - Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000
Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.
Next steps and settling your first home
Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.
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This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.
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Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!
Thanks for watching!
thank you so much sir! I'm sure it will help me in the future
Hope so! Thanks for watching!!
Appreciate the honesty in this video. As painful as the experience has been it is informative to know that even people who are very knowledgeable on the subject matter also have to deal with the same challenges as everyone else when it comes to buying a new home.
Haha thanks Jean! Yeah is really sucked but a good lesson overall, hopefully you wont have to go through it haha! Cheers, Jayden.
Attending an auction in a couple of days :) Thank you for sharing your story, Jayden!
You're so welcome!
What a great video which speaks for anyone who has been into auctions. I took this decision 4 years ago, auctions are not for me anymore, even if it's the dreams house.
Thanks for sharing that.
Thanks for watching Rom! Appreciate it.
Thank you for sharing your genuine story. I have been through something very similar recently. It wasn’t an auction but it was still a very nerve wrecking experience because the agents and the sellers were being absolutely misleading pricks the whole time. My whole precious Christmas and New Years holidays have been ruined by the anxiety that has put me in and yet I decided to drop it off at the last minute because I couldn’t handle their ridiculousness any more. I strongly agree with the financial loss and the pause of time but in the end I taught myself that it was my destiny to not call it a home. On a side note, never deal with Wilson Property in Kelvin Grove.
Hi ASA AUS, I'm so sorry to hear. Thanks for sharing and hope you're back on your feet. Know it can be an emotional roller coaster.
Interesting video. Firstly, I wouldn't describe the money you spent as "wasted" - you were prepping for a potential purchase. Pest and inspection reports are just doing your due diligence. If your inspection report came back with significant termite and structural issues, you would've balked from the property immediately, making it money well spent. The fact that the reports came back all clear is good news and gives you peace of mind. Again, money well spent.
Secondly, as a buyer, I still believe that auctions are the most fair and transparent way to purchase, since all offers are out in the open on auction day. I've been to auctions were there have been zero bids, and I've been to other auctions which get passed in, and others which sell for insane amounts with just two bidders! You just don't know what'll happen on auction day. In your case, the property sold PRIOR to auction due to an insane offer which the vendor couldn't refuse, so saying an auction is unfair when it didn't even happen in the first place doesn't really make much sense. If the property were for sale by private treaty, you would've had the same outcome.
Thank you for sharing your insightful perspectives in response to the video. Your remarks shed light on the inherent value of pre-purchase preparations and the dynamics of property auctions, which resonate well with our approach at Hunter Galloway.
You've rightly pointed out that the funds expended on pest and structural inspections should not be perceived as 'wasted', but rather as a prudent investment towards making an informed decision. The peace of mind that comes from knowing the true condition of a potential home is indeed invaluable. This aligns with our belief in making the home buying journey stress-free and straightforward for our clients by equipping them with the necessary information to make sound decisions.
On the matter of auctions, your observations underscore the transparency and competitive nature inherent in this method of property sale. Each auction unfolds uniquely, reflecting the collective valuation of the property by prospective buyers present on that day. Your experiences at various auctions depict a vivid spectrum of possible outcomes, accentuating the unpredictable yet open nature of auctions.
Regarding the particular case mentioned in the video where the property was sold prior to the auction, it indeed presents an unusual scenario. Your argument that a similar outcome might have transpired through a private treaty sale elucidates the multifaceted nature of property transactions.
We appreciate your engagement and the thoughtful discourse you've provided on these topics. It's interactions like these that enrich our understanding and foster a collaborative relationship with our clients. We look forward to more engaging discussions and assisting you in your home buying journey, ensuring it's a pleasant and rewarding experience.
Going through this exact situation as I write this- giving one last crack this Saturday- Auctions are unfair and should have more regulations applied
Yeah completely true! They tried to do this in Vic where they were underquoting but still has a long way to go!
I fell in love with a location and view from balcony, luckily I bought.
That's great!
We put an offer in for a place that we were prepared to do renos on, lowballed first then got told we were 5th in line... So we bumped up our price however the agent did not communicate with us at all... When we saw how much the house was sold for, it was less than what we offered. Either we dodged a bullet or missed our chance but like in all your videos "there's always another around the corner". :) We've been looking for almost a year and with each potential home we're just getting more and more emotionally drained
Thanks for watching Jennie and hopefully some better luck soon!
Great video, I'm glad to find this channel as we are moving to Australia once the borders are open again. Thumbs up 👍
Awesome, thank you!!!
yesterday i lost 750 bucks. 600 in building inspection and 150 for conveyencer fee, as I lost at auction
I'm sorry to hear about your loss at the auction. It can be really disappointing to invest in building inspections and conveyancing fees without the outcome you were hoping for. Onwards and upwards you will find the right one soon!
Auction is more common these days, especially at popular suburbs. Like a chicken eggs question, without inspection reports ready how can I know if any problems of this property? I don't think I can avoid this cost even it's a normal conditional offer. So, If the same situation happen again what are you going to do? Just walk way all actions or put yourself on risk without any check?
Yeah it sucks hey especially in the current market. I did the checks and just took it as the cost of trying to buy a home doesnt feel fair tho.
It's a big red flag when agents call you back in situation like your night time phone call , it is 99 times out of a hundred they have basically already sold it .They are playing games at this point . But the reality was they got such a strong and solid offer that came in and was way above vendors expectations, you were never going to get it . The agent simply went fishing just in case he could squeeze a bit more out of you and others , above the big offer they already had their pockets . So the agent sort of did the right thing for their vendors to get the maximum price by ringing around . You did the right thing and walk away and don't put an offer in at all, especially as the agent refused to tell you. As if you would gamble and hope your offer is ok , it's a dumb move helping the agent only . The place was already sold at this stage to somebody else . This is 101 hiding prices practices agents use every day . This practice goes on all the time in Eastern Suburbs of Sydney and Northern Beaches Sydney .
Really sorry to hear you got caught up in that mess, mate. It's super frustrating when it feels like you're just being strung along, especially with those late-night calls that end up feeling like a bit of a wild goose chase. Totally get how it feels like the deck's stacked against you from the get-go. Good on you for deciding not to play into their hands and just walking away. It's a tough call, but sometimes it's the smartest move to avoid getting caught in a bidding war that's rigged from the start. Hang in there, alright? The right place will come along where everything lines up just right - no games, no last-minute surprises.
same thing happened to me. Liked a property too much only to be disappointed. Securing a property is really difficult when so many offers are around.
I completely understand how frustrating it can be to fall in love with a property only to face stiff competition from other buyers. The real estate market can be quite competitive, especially when there are multiple offers on a desirable property. As a mortgage broker, we're here to assist you in navigating the financial aspect of securing a property. Feel free to reach out to us at Hunter Galloway, and we'll work with you to explore your mortgage options and make the home buying process as stress-free as possible. Your dream home is still within reach! 🏡
Why didn't you talk to the Agent during the Campaign & ask for a Price Guide ? Im sure you did your homework & saw what other similar property's had sold for at that time ? So even if it had gone to Auction would you have bid the same amount that it Sold for pre Auction ?
Thanks for watching, all good points and a good lesson for the future.
Price guides are ultimately just an opinion - you can get the same information yourself by just looking up recent sales history on Domain and Real Estate. Ultimately, a property will sell for whatever the market is willing to pay on the day.
I will never buy at an auction it’s designed on hype and everybody ends up paying more for the property it would be very rare that you get a good deal through an auction
100%
If it is illegal, why didn't you report it? Just a question. Also how does one buy a house at auction and already have finance approved (or is having pre approval good enough?)
Yeah thats the thing its a bit of a grey area in QLD with a multiple offer situation they have to inform you in writing, and she technniicallly did that on the SMS but the whole 'I'll give you half an hour' just felt like dirty sales tactics. Auction is tricky, you ideally need at least a pre approval but the main issue is a bank cant do a valuation until you buy at auction because there is no way of knowing what the final sale price will be. Thanks for watching! Cheers, Jayden.
I don’t get it. You didn’t go to auction in the end
Thanks for watching!
I'm glad I'm not the only one who picked up on this! The title of the video is about buying at auction, and a supposed recent auction experience, but ultimately the auction never happened, so it makes the whole video a bit of a moot point.
i guess to win a house auction you have to be the craziest out of all the crazy people
Hi jso. Absolutely! Winning an auction often requires a combination of determination, strategy, and sometimes, a willingness to push beyond your comfort zone. However, it's important to approach auctions with both enthusiasm and caution. While passion can drive you to secure your dream home, it's equally crucial to have a set budget and not let emotions push you beyond what you can comfortably afford. Remember, at Hunter Galloway, our mission is to help home buyers across Australia make the process stress-free and uncomplicated. We work diligently to help buyers navigate these situations, ensuring they make informed and sound decisions.
this made me more scared to attend an auction 🥲
Thanks for watching Erian!
Me too.
Attend a few that you don't intend to buy and you will get used to it
Solution: BUILD!
Thanks for watching John!