My first house auction

Found this place on the net and after looking at a property to say it was in need of a lot of work :eek:(I figured $50000 - $55000) I gave this place a really good look over and doing plenty of ground work prior to the auction on pricing in the area etc etc plus data from RP Data. I felt I could make a reasonable estimate of price range to bid in.

Being my first house auction I was keen as mustard also keen to not be carried away in the excitement and hype during bidding.

After reading heaps and asking a few question on here I felt preaty good and confident to approach my first auction.

So off I went to the auction tonight and waited for the place to come up and finally it was up first bid $80000 below what I figured my bottom price would have been (i'm in with a chance) :D and bugger me it finished $40000 above my highest range:eek:. I never even put a bid in just watched as the battle raged and it arrived at my bottom range and shot past my top range :eek:.

I beleive it went well over price, at least the person next to me agreed as he was going to be bidding and my pricing was within $5000 of his so I felt my ground work put me in the right area:).

Lesson I have learnt - stick to your price range and don't get talked up ot engage in the excitement, do your home work before hand, be prepared, READ the contract they HAVE there before you bid, if not happy with it WALK.

Anyway I feel I have won without winning that one at the price. Oh Hum now to start over.

Who else attends auctions or are they not really worth the effort?

Brian
 
Found this place on the net and after looking at a property to say it was in need of a lot of work :eek:(I figured $50000 - $55000) I gave this place a really good look over and doing plenty of ground work prior to the auction on pricing in the area etc etc plus data from RP Data. I felt I could make a reasonable estimate of price range to bid in.

Being my first house auction I was keen as mustard also keen to not be carried away in the excitement and hype during bidding.

After reading heaps and asking a few question on here I felt preaty good and confident to approach my first auction.

So off I went to the auction tonight and waited for the place to come up and finally it was up first bid $80000 below what I figured my bottom price would have been (i'm in with a chance) :D and bugger me it finished $40000 above my highest range:eek:. I never even put a bid in just watched as the battle raged and it arrived at my bottom range and shot past my top range :eek:.

I beleive it went well over price, at least the person next to me agreed as he was going to be bidding and my pricing was within $5000 of his so I felt my ground work put me in the right area:).

Lesson I have learnt - stick to your price range and don't get talked up ot engage in the excitement, do your home work before hand, be prepared, READ the contract they HAVE there before you bid, if not happy with it WALK.

Anyway I feel I have won without winning that one at the price. Oh Hum now to start over.

Who else attends auctions or are they not really worth the effort?

Brian

I don't bid at auctions and never invest too much $ or effort in them but I will be around to pick the scraps up if worthwhile. Now that its gone let us know the property and some of the forumites will venture an estimate as to its worth. Then let us know what it went for.
 
Not sure if it will works but this was the place http://www.realestate.com.au/proper...ghts-106373689?tm=1269522937&c=50753954&t=res

Upstairs kitchen and bathroom needed renovating (not sure if I would have replaced the kitchen downstairs). The downstairs bathroom also needed renovating.

Some termite damage to some floor boards (about 4) The rear deck roof structure needed ripping out (illegal) all timber treads replaced front and back, rear gutter to be replaced, repairs to some walls inside, paint inside and out. Toilet also needed replacing. Bobcat the yard to clean up, Fix up the garage shed and put it on a concrete slab.

I estimated $55000 in renovations to be carried out.

I would be interested in peoples estimates when I get a few I will post what it went for. I will say my intention where to buy renovate and sell.

Thanks
Brian
 
Not sure if it will works but this was the place http://www.realestate.com.au/proper...ghts-106373689?tm=1269522937&c=50753954&t=res

Upstairs kitchen and bathroom needed renovating (not sure if I would have replaced the kitchen downstairs). The downstairs bathroom also needed renovating.

Some termite damage to some floor boards (about 4) The rear deck roof structure needed ripping out (illegal) all timber treads replaced front and back, rear gutter to be replaced, repairs to some walls inside, paint inside and out. Toilet also needed replacing. Bobcat the yard to clean up, Fix up the garage shed and put it on a concrete slab.

I estimated $55000 in renovations to be carried out.

I would be interested in peoples estimates when I get a few I will post what it went for. I will say my intention where to buy renovate and sell.

Thanks
Brian

That wasn't pretty but I can see the potential in it. Auctions are good in the sense that you can actually get an idea of the market interest in the place without listening to agent hoopla. When it is passed in you then gain an advantage as you know the highest non vendor bid. My tactic would be to offer a few K more then the highest bid so the agent and owner feel vindicated in not selling at auction but holding out for more. As always though, only if the figures stack up.

As for reno costs I would have thought the painting and concreting were your two biggest items. Other forumites will give you a better idea.
 
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