Let the auction do the heavy lifting…
Recently I was bidding for some clients in Balgowlah. After finishing my price research I advised my clients to wait for the auction. I suspected the vendors wanted more than what the property was worth.
In today’s market I hear a lot of buyers talk about ‘buying property before auction’. This can be good in the right circumstances, however, it has to be a case by case scenario. If I think a vendor is wanting more than their property is worth more often than not I go to auction.
My days of being a selling agent taught me that when a vendor is over priced, receiving an offer well below their dream price midway through an auction campaign, is not going to get them excited to sell.
In this case we went to auction and as I suspected the reserve was high. I used my proven buying techniques to be the highest bidder even though we had 4 other bidders against us.
In this instance the property was passed in. I then negotiated with the agent to buy it under the hammer on the night well under the vendors reserve. For this buyer, I let the auction do the heavy lifting and secured a great price for my clients.
Balgowlah property sold!