When directly negotiating a real estate purchase with the vendor by private treaty you and they have the chance to discuss clauses and conditions, settlements dates etc, Perhaps the contract settlement is going to depend on a valuation of a certain level, a favorable pest inspection report or even finance? That’s all well...
Read MoreHuman's are competitive creatures. We like to win. The auctioneer and his team know this too and seek to take advantage of it. It's easy to get caught up in the moment and fin yourself in a bidding way way above what you had been prepared to pay. Yes, I have...
Read MoreWhen solid competition is obvious, bidding too low can backfire. Bidding low helps get more parties involved and builds momentum and emotion. Remember my comments about when the auction starts being about winning rather than about buying real estate then its time to walk away from the auction? The person you...
Read MoreWant to know who at the auction is there for fun and who is there to buy? Time and time again I goto auctions and within minutes I can spot the "I’m here to buy, heck I'm nervous I hope no one looks at me oh please let me win...
Read MoreThose that take the deep plunge and offer big amounts beforehand can be property's great winners, as well as losers. If you are going to make a bid before auction then its important to take stock, and look at the reasons why you are doing it. a. Reason 1. You think...
Read MoreThere will be some that approach an auction to distract other bidders and the auctioneer. I call them the heckler. To them, the auctioneer is like a comedian, and it's their job to try and throw him off his game. Of course, the auctioneer is trying to generate heat for...
Read MoreIf you are spending a bit of time researching properties you will likely be having a look at prices quoted by real estate agents, viewing the properties then attending the auctions to see what they are in fact selling for. After a while… you will get a feel for the market. You...
Read MoreHere's the three psychological reasons as to why properties with a low quoted range sell well at auction. 1. Lower price means lower barrier of entry - more participants and more potential bidders. 2. The longer the bidding process (as a result of a low quote) means more time for individual bidders...
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