PRE-AUCTION
When you’re the seller…
Don’t hesitate when a great offer comes up before the auction!
Even if your property has only been on the market for a day, keep in mind that it’s not at all about how long the house has been there but about how long the buyers have been in the market.
Don’t wait when there’s an offer that exceeds beyond all your expectations. Snap it up when you can! Good agents will help you in this process by making an experienced judgement.
When you’re the buyer…
Always be ready! You never know when the right property will come along.
Some essentials include finance pre-approval, pest and building inspection, strata search report, review of contract and having funds available for deposit.
When making an offer to secure the property, think about what’s worse — overpaying to secure your dream home or finding out you could have owned it.
DURING AUCTION
When you’re the seller…
If there aren’t any great offers that really stand out from the crowd, consider auctioning as an effective way to create competition among potential buyers.
Keep in mind, the emotion that comes with auction is the accumulation of the hard work of the agent throughout the campaign and will never be repeated.
Offers can come post-auction but it will likely be from buyers that are detached.
When you’re the buyer…
Make sure you have done all your homework as there is no cooling off period under auction conditions.
And if you have interest in the property, show up.
As always, think about what is worse, stretching your budget and securing your dream home or to find out later that the property sold for less than what you were willing to pay.
POST-AUCTION
When you’re the seller…
The longer your property’s been on the market, the more buyers are going to think it’s not worth looking at.
Don’t sell if you’re not satisfied with the offer, unless you really have to. Try taking a fresh, new approach by hiring an agent to come up with solutions.
I’ve sold for more than what the owner wanted with a fresh campaign, even after it’d been on the market for eight months with other agents.
When you’re the buyer…
Don’t dismiss a property because it’s been on the market for a long time!
It doesn’t mean that it’s a bad property at all! In fact, the main reason might just be ineffective marketing leading to missed opportunities and plain bad luck.
When you make an offer, keep in mind that a higher offer could come from the next person who walks in. It’d be terrible to lose your dream house by just half a grand, so if you can afford it, pay it.
