Questions about auction this morning

[stevie_sloth]

I hate auctions. I just do.

We were told low-mid $300s for a place we love (on the Gold Coast). And this WAS reflected in terms of bidder activity. The highest real bid was $320,000. Then it went up to $350,000 and then $360,000 vendor bids only. Then it was passed in. A week later, the sellers who we were told weren't interested in money (as their top priority. They just needed to sell quickly), put a price of $399,000 on it. Shocked were we.

It's still for sale. They're having another auction, 2 months after the original one. Can't get their asking price. Funny that.

We went to another auction in Melbourne with a friend who wanted to purchase a little falling down semi in St Kilda. She was told mid $500s. Guess what it went for? High $700s. EEP!

 

[XBenX]

Better than the sub $450K listing, around $450K inspections and $596K auction result that I was keeping an eye on!

 

[brrmm]

You wanna know something for free???
Even Agents HATE auctions - I know this having worked for one. It's the Principals of the agency that like them for the quick turnover appeal.

My agent hated them soooooo much for the stress factor involved pre, during (especially during) and post (especially if it didn't sell during).

 

[wylie]

I know many agents who love auctions. In fact I was having a robust discussion with one recently, he was pushing for auctions, I was arguing my reasons against.

For my son, looking for an entry level place, auction is just not something we will be looking at (although did look at the one this thread is about) because he cannot afford B&P inspections on anything that he is not likely to be able to put a contract on.

Happy to wait for the "no bid" auctions and then buy afterwards though.

 

[Property Meister]

with respect, if the land is worth $385k by itself, and you think $445k is a fair price, Im surprised the agent even was talking to you when they knew your highest bid was going to be $350k.

but good luck in trying, you never know!

 

[wylie]

with respect, if the land is worth $385k by itself, and you think $445k is a fair price, Im surprised the agent even was talking to you when they knew your highest bid was going to be $350k.

but good luck in trying, you never know!

Agree totally!! Just wanted another punter at the auction.

He goes on my list of agents I would not trust. I just don't think these types realise how they can so easily lose any possible future business by being, shall we say, less than honest.

We are on the hunt for a house or unit still for my son, but unless a real cracker was available through this particular agent, I would steer clear of him. His loss, especially in this market.