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Ok so we are wanting to sell our house and our real estate agent has recommended we sell by auction........
We are not sure on how successful they can be so I put it the the BB girls and guys to see:
have you sold by auction and if so did you get what you wanted or even better more??
or
have you bought a home via auction???
Would love any feedback anyone has to offer
cheers
We bought a home at auction. It was a foreclosure sale - they made much less at the auction than they paid for it and they had done renos too. Kinda sad :(
My good friend (who is a real estate agent) refuses to sell properties at auction.
I've seen a few places go up for auction and the owners have been pressured on the day to take less than what they have wanted, or the place gets passed in because the money is too low, it is then more money for them as it has to be re-advertised for sale, as opposed to the advertising done for auction.
From watching the market, it is a buyers market which is never a good time to put a property to auction, if it was a sellers market then I'd consider it.
Real estate agents often use auctions as a way to sell properties when they think the owner has too high a price in mind. There are some really interesting articles about comparing private sales to auctions, available online (try the usual suspects like realestate, domain).
In Melbourne, it really depends on your area. The more expensive areas like inner East (Hawthorn, Camberwell, Balwyn, Kew) and inner South East (Brighton/Hampton) often sell by auction because it gets the most buyers in the one area at the one time. The less expensive areas often sell by private sale (most of the North, outer suburbs).
Also check out what your agent charges for sale by different means.
I bought my current place before the auction, gave them an offer they could not refuse. Mine was an estate auction with seven beneficiaries of the will, so they didn't really care what it went for, they just needed it gone. But I'd looked for 18months prior...
Good luck and do your research.
We bought our place at auction. I think they got a bit more than what they were hoping, but it was also quite a desirable property and had a lot of interested parties, I think there were close to 10 bidders.
I've never bought or sold through auction, but I did just want to say that when we were looking to buy a house I would often not even bother looking at houses that were for auction, simply because we didn't want to go thru the auction process.
I agree it is a buyers market at the moment, and probably not the right time to be putting a house up for auction :)
I have jsut recently sold our house, but did so privately, not by auction, as in SA less than 8% of houses actually sell via Auction, people prefer to make an offer rather than bid and I think the one's that do go by auction have to be the right type of house in the right suburb.
I''ve never bought a house, just bought land and built :D
I think it all depends on the area you are in, where we bought was an auction area, (one of areas mentioned by Divvy) nearly all properties were up for auction, we went to many auctions but didn't end up buying that way because we missed out at two and then found somewhere as a private sale, it was only a private sale because no estate agents were involved, if they were would have definitely gone to auction. Here it certainly doesn't seem like people get less because they go for an auction, one of the places we were going for went for 100,000 over the advertised range, and was because it was an auction - two parties really wanted it and pushed it up. I would research what is normal practice in your area, what similar properties are going for at auction, how many are sold prior, how many are passed in etc. Domain has auction results, but I don't think does for Perth. If auction is a rare thing in your area I personally wouldn't go for it, but if is common I wouldn't be scared of it either.
Many many years ago, (1995) we were pressured into selling our first home (in Canberra) by auction.
We were so young, and so naive...
The market was so bad, we didn't get any offers, and still had to pay a fee for an auction. Looking back, our house was just an ordinary house and not fit for an auction-type scenario.
I shy right away from auctions now, and especially the company which talked us into it.
Thanks so much for all your help lovely BB girls :)
DP and I have decided not to go the Auction way and just sell it normally ;)
I really appreciate everyone help
xx
houses in Ballarat rarely sell via auction unless they are big time money asking properties (which are few) !!
Oh cheers Lorelle, Sorry I didnt get a chance to reply to your sweet sweet message been soooo flat out lately. I will message you soon I promise xx Luv to Miss C xx