Hi All
Just wanted to share my first ever experience at a property auction.I had done all my due dillegence.The property was a complete reno so I done all the measuring and got quotes for everthing that needed to be done.I then researched the resale value after the reno and the rent apprasial.I also had pre approved my finance and had pest and building reports done.I set myself a limit that I would stop biding at and was determined to stick to it.The night of the auction I was surprisingly calm especially considering I went on my own.As the biding started I got right into it just 2 bidders. It finally reach my limit and I stopped it was so hard not to keep biding but I didn’t.Strangely enough although a little dissapointed I felt so happy.The RE congradulated me on doing such a good job with it being my first auction.So am I the only person to not be successful at an auction But still walk away feeling on top of the world like I had just won the lotto.Then again all things to do with property make me feel that way.Please let me know some of your experiences.[blink][biggrin][biggrin][blink]
LisaLisa, good on you! I am too frightened to attack the auction scene so no stories here I am sorry.
Lisa
You sound like a marathon runner, you trained as hard as you could and ran as hard as you could on the day – No shame in that!
The competition better be on their toes next time
Steve
Good on you Lisa. The more you do it, the better you get – but you already seem to have it mastered.
We bought our home at auction back in 97 when the auction process was still rife with dummy bidding. We bid, then were beaten. Turned out to be a dummy bid, so agent came back to us and tried to get us to go up. We refused. A very tense 48 hours followed. I was so tempted to call and raise our offer, but didn’t.
Eventually the agent called, sweet as pie as if nothing had happened, with contract ready to sign at our price.
Lesson – know the true value and hold your ground. And if you miss out, it’s all great for that ol’ learning curve.cheers,
CarlinHi Lisa,
Your story sounds very familiar to an experience I had recently which I would like to share. I went to an auction as well, in the hope of securing a rundown house on a great block with waterviews in Sydney. Being rundown, the plan was to clean it up, rent it out for a couple of years, then demolish and build. After all my due diligence I estimated that to me, it was worth around the 520k mark. This was purely based on land value. I decided to have a valuation done prior to auction, which came in at 500k for land value and 580k including the rundown house. The house was quite solid and well built, just untidy and very dated.
Anyway, I’m at the auction and the bidding starts in the high 400’s, with about 6 bidders. Once the figure got to about the 520k mark, I was out, but so was everyone else, except 2 bidders. After the auction, I overheard one of the unsuccessful bidders who dropped out at the low 500k mark, saying something along the lines of “You’ve still got to spend 250k to put a new house on the block, and then you start to over-capitalise beyond the low 500’s”. This was exactly what my DD told me as well, which made me feel, just like yourself, on top of the world. This was a great block, and one I would have loved to live at, but it was not to be.
As for the property itself, remember my valuation came in at $580,000. The property was sold at auction for $580,500. I will definitely have to keep in contact with this valuer in future.
I don’t know whether it’s coincidence, but today’s quote is:
“Be known as much for the deals you leave behind as the ones that you purchase.” (It’s the fish John West reject, that make John West the best.)
Anyone who has walked away from what felt like a really good deal but which didn’t stack up in the final analysis knows both the pain and the pleasure of doing the walk.
Steve3556’s compliment misses the mark. To me, you WON! Your game, your rules, your victory.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
