Below is what I put in my valuation reports about Auctions when I am doing a valuation for Mortgagee in Possession in the first home buyer areas.
there is a high likelihood of the property going to sale by Auction. It should be noted however that in the current market in this area Auction sales may not be the best sale method. Buyers are currently using Auctions to soften up the vendor and increase their bargining position. In addition if the property is located in an area that has only limited success with auctions, with the majority of the purchasers being first home buyers most of whom are precluded from bidding at auction due to not having unconditional finance. The remainder of the potential purchasers are generally investors who are currently thin on the ground or who are seeking a real bargain.
What I am saying is ...An Auction has a high likelihood of a sub optimal outcome in terms of selling price.
Your property appears to be well in this first home buyer price range and Queensland is not really an Auction state like Victoria is.
Mistake number one is to trust the agent (who is paid a comission only if successful at selling, otherwise they work for free) or actually believe they are acting in your best interests. Most agents act in the best interests of the agent.
there is a high likelihood of the property going to sale by Auction. It should be noted however that in the current market in this area Auction sales may not be the best sale method. Buyers are currently using Auctions to soften up the vendor and increase their bargining position. In addition if the property is located in an area that has only limited success with auctions, with the majority of the purchasers being first home buyers most of whom are precluded from bidding at auction due to not having unconditional finance. The remainder of the potential purchasers are generally investors who are currently thin on the ground or who are seeking a real bargain.
What I am saying is ...An Auction has a high likelihood of a sub optimal outcome in terms of selling price.
Your property appears to be well in this first home buyer price range and Queensland is not really an Auction state like Victoria is.
Mistake number one is to trust the agent (who is paid a comission only if successful at selling, otherwise they work for free) or actually believe they are acting in your best interests. Most agents act in the best interests of the agent.