5 days to auction and I'm feeling rather ill

R

RedCat

Oh I know the hardy of you say not to be nervous because it's an investment but I wish it was that easy.

Am I emotionally attached? You bet I am! Yes it's an IP but I am in love with it. I can't help it. There is a likeliness we will want to live in this one at some point when we downsize so somehow that's helping me justify the emotional attachment. I've bought IPs that I've never set foot in interstate, but this is completely different.

I haven't bid at an auction for 8 years either. I won't go over my reserve, but man this wait is killing me. Been watching auctions on YouTube. How pathetic.
 
I know how you feel. I gave myself all the excuses in the world to justify the emotional attachments I was feeling. ;)

I know it's 5 days away but have you thought about a pre-auction offer? Especially if it's in Melbourne and considering the clearance rates, it may not be a bad idea?
 
I did consider a pre-auction offer but decided against it because a) I haven't organised the B&P inspection yet (sorting tomorrow) and b) I sense there's a bit of interest so I doubt it would be accepted this close so I'd just be showing my hand and c) given the current state of the market, I could be completely wrong and be the only bidder. No point paying more via an offer if I don't have to I guess.

I also looked into a BA to bid. Online research indicated a price closer to $5K just for the bidding. If I've been looking in the wrong places and someone knows a good person that could do the bidding by all means please advise.
 
RedCat said:
I also looked into a BA to bid. Online research indicated a price closer to $5K just for the bidding. If I've been looking in the wrong places and someone knows a good person that could do the bidding by all means please advise.
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I'd be happy to bid for you :). It's a good idea because you cut off the emotions so you don't overbid.
 
I'm not at all worried about bidding above my reserve. I'm strong enough to avoid that, my concern is not being able to read the auction. Pick out if there's a dummy bidder pushing the price up or other tactics. Don't want to pay more than I have to simply due to inexperience.
 
Too true! I've only purchased 5 times in Vic in my life. Strangely only one at auction. 2 private sale, one before it went to market, 1 off the plan, one auction. I reckon those odds are not normal in Melbourne though!

Aaron will send you a PM.
 
The couple of websites I went to were based on percentage (even just for auction bidding). I did find one that charged $250 but their prices page referenced 2009 so I assumed they no longer existed.
 
Just for the record, if I was buying strictly with investment in mind, I'd be buying in Sydney right now rather than Melbourne.
 
buzzlightyear said:
Why would you pay a BA to bid? :confused:
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The advantage of emotional detachment and being able to "read the crowd" by watching for bidders that have reached their limit and others who plan a strategic strike on the 2nd call of the auctioneer. It is very hard to do all that as a private bidder with your heart pounding in your ears.

BAs are very practiced at being "Ice-man".;)

Not related to this situation of Red Cat's, but recently we bid for a client who wished to remain anonymous. The situation was that they had tried to purchase the property which backed onto their own, prior to auction, but were unsuccessful. They became an anxious buyer and recognised to get a better deal, they needed to try things from a different angle. Plus, we purchased for them after negotiations at $10K below the reseve price.
 
RedCat said:
The couple of websites I went to were based on percentage (even just for auction bidding). I did find one that charged $250 but their prices page referenced 2009 so I assumed they no longer existed.
Click to expand...

RedCat, go to www.rebaa.com.au and email each of the Victorian member agents for a quote to bid. Although it looks like you may have it sorted with Aaron.
 
My question was asked in the context that RedCat isn't a newbie and has obviously negotiated before as mentioned, admittedly not often in an auction sense. So I was surpised that RC would need that service.

I can see in some circumstances where this would be of value, but it wasn't obvious to me in this case.
 
I'm not scared of bidding at the auction as such, more just the inability to read the crowd well. It's a crappy market and I'm petrified of some dummy bidder helping me pay more than I need to. I don't have enough auction bidding experience to feel confident in that department.

If I can arrange it for a few hundred bucks I might go there. Otherwise I'll just do it myself. Admittedly I DID enjoy the experience waaaay back in 2003 when I last bid at an auction. Oh... forgot. There WAS one other time for a property in North Melbourne but it went way over my reserve.
 
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