6 MASSIVE Mistakes When Buying At Auction
Вставка
- Опубліковано 14 лип 2024
- 📚 Join FB Group (Free Access) / 209395390748110
🤝 Need home-buying help? Work with us: www.huntergalloway.com.au/get...
📈 Find out your borrowing capacity today: www.huntergalloway.com.au/mor...
You need to prepare before buying a home at auction. Try to go to a few auctions first to see how they work.
00:00 6 MASSIVE Mistakes When Buying At Auction
00:51 1. Pre-Auction Offers
02:16 2. Not Done Enough Research
04:40 3. No Cooling Off Period Post Auction
05:37 4 . Bonus Tip
There is no cooling-off period for buying at auction. If you are the successful bidder at the auction, you will have to settle the contract even if:
the house doesn’t pass inspections
you change your mind
you can’t afford it.
The cooling-off period also does not apply to a private treaty contract:
entered into within 2 business days of an unsuccessful auction of that property
in which the buyer was a registered bidder at the auction.
The terms of sale usually require you to bid on an unconditional basis. This means you cannot have any conditions, such as:
subject to finance
subject to the completion of another sale.
Before the auction
Before the auction, make sure you:
inspect the property
arrange your finance
get a property valuation
do your own research of the market
get a copy of the contract
get legal advice about the terms and conditions in case you’re the successful bidder.
Make sure you ask the agent about:
how much deposit they will ask for (as a percentage of the winning bid)
how you’ll need to pay it (a personal cheque, bank cheque or deposit bond is usually okay).
DISCLAIMER:
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.
Full Disclaimer here - www.huntergalloway.com.au/you...
![How to Negotiate a lower price on a property [6 Mistakes to Avoid]](http://i.ytimg.com/vi/jF337Xw4UZQ/mqdefault.jpg)
![How to Negotiate a lower price on a property [6 Mistakes to Avoid]](/img/tr.png)
![What No One Tells You About Auctions! [AVOID THESE MISTAKES IN 2024]](http://i.ytimg.com/vi/vZkRu0vWzxg/mqdefault.jpg)
![Buying At Auction Story [DON'T MAKE THIS MISTAKE]](/img/n.gif)
Join FB Group (Free Access) 👉 facebook.com/groups/209395390748110/
Thank you. Very timely that this 4 year old video popped in my feed, because we're going to an auction today!
Haha how good! Best of luck at auction!!
Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.
Thank you! Will do!
Great video! I didn't realise pre-auction offers were considered to be a no-no. My neighbours house sold before Auction so I assumed it was common practice
Thanks heaps!! I guess it can depend on the market that you're in and if there is more than one interested party they'll try to take it to auction to get more. For example if it's in Brisbane which is in a 'recovering market' www.huntergalloway.com.au/brisbane-property-market-2019/ they will more than likely take it to auction to get more money. But if you're in Sydney or Melbourne in a slowing market they might take your offer before auction because there are less buyers around.
Awesome question and because made my day I'd love to post you a copy of our book Home & Hosed - shoot me your address via email and I'll get it into the post - Jayden.vecchio@huntergalloway.com.au
Helpful video. Thanks :-)
You're welcome!
Very nice tips, thanks
Most welcome
Excellent analysis
Thanks for watching Bernard!
Yew josh made it onto a video! Fantastic vid lads, keep it up! Great tips and btw your video photos are perfect! The blue, the caption and the style. Stands apart from all the others. The little things lol
Thanks Gerry appreciate the feedback so much! Hahaha yeah Josh is a natural I reckon we'll have to get him back to do a few more!! Thanks again mate have an awesome night! 🙌
#1 does not make sense... as the buyer I do want to help the agent condition the seller before the auction... it will influence the seller toward a lower reserve price?
Hi Casper. The first tip in the video is highlighting a common tactic used by real estate agents where they encourage buyers to make pre-auction offers. The idea behind this from the agent's perspective is to "educate" or condition the seller about the market value of their property before the auction starts. However, the purpose of this conditioning might not always be in the best interest of the buyer.
Here's the potential issue: an agent may encourage a buyer to submit a high pre-auction offer in the hopes of inflating the seller's expectations. This could result in the seller setting a higher reserve price, thinking that the market value of their property is higher than it actually is. This could result in a higher starting bid at the auction, which may not benefit the buyer if the buyer was hoping for a lower starting price.
In other cases, the agent may use low pre-auction offers to convince the seller that their property might not be worth as much as they initially thought. If the seller is convinced, they might lower their reserve price. In such a case, the pre-auction offer could indeed help the buyer.
However, the video suggests that this tactic can often be used by agents to manipulate both buyers and sellers into thinking that the property is worth more than it actually is, thereby potentially creating an overinflated auction scenario. The point being made is that as a buyer, it's important to do independent research and not solely rely on the agent's input, as their goal is to get the highest price possible for the property.
Please note that the strategies and their effectiveness can vary based on the specific market conditions and the individual behaviours of the buyers, sellers, and agents involved.
No circumstances would want the buyer to start at a lower price that's nutts .
My friend have a question here it is can I buy a house from an auction and house flip then resell it?
Hey Ivan, good question you potentially can but you may need to pay stamp duty so check with your solicitor/conveyancer.
What is it with real estate people being ambiguous?
I know right!!
So at auction can you actually ask to have the condition: subject to bank valuation?
Hi Amrit, typically auctions are unconditional, therefore unable to request this. You can try but it's the reason properties go to auction, so they're sold without any conditions...
Want more information on buying at auction, check out our step by step guide www.huntergalloway.com.au/buying-at-auction/
I had to turn this off because with the combination of the sound quality and your accent and slang like words like cheeky I really could not follow it
what was so funny? you seemed like you werent taking this seriously next time trying being more professional
Thanks for feedback and will be sure to take this on board for next time.
Dark rider76. He was just be cheerful. Get a grip
Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.
Thank you! Will do!