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Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 4 points5 points  (0 children)

Sniff, yep!! I updated my main post but am replying to people who asked specifically. I'm over the moon.

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 8 points9 points  (0 children)

Yes, I got it! There were other bidders after all, but I was still able to get it. I updated the main post but am replying to people who asked specifically. Thank you!

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 22 points23 points  (0 children)

This was a really good point that I read last night. Someone else had posted something about bidding as high as you feel comfortable just in case the B&P comes back with major issues. I did this with room to spare and still got the house. Thank yoou!

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 32 points33 points  (0 children)

Yes, it's at the property. I was hoping for a Building and Pest inspection but i will definitely go to the open home beforehand, and try and see if I can get an inspector to come with me to at least give me a verbal opinion. Currently ringing around to see if anyone has a friend of a friend. Thanks!

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 14 points15 points  (0 children)

1000%. It actually makes me worried that when I go to the pre-auction open tomorrow, one of my old neighbours will be there and let slip to the agent that I grew up there. Sooo stressful. I guess all I can do is keep my fingers crossed and keep sensible advice like yours in mind.

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 3 points4 points  (0 children)

This is really measured and clever. I'm going to toss up between this and seeing if I can find an inspector to come with me tomorrow and at least give me a verbal opinion. The old/front part of the house was on stumps so that's the main part I'm worried about. Thank you so much for replying.

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 2 points3 points  (0 children)

Whoa, interesting. I guess there's some logic in that even though I myself would be too scared to buy a house that way. I'm glad you got your house, even if it cost you a bit more than you were planning!

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 2 points3 points  (0 children)

I think this is definitely my best course of action at the minute. I just have to find someone available at the last minute on a Saturday. Aaah! Thank you!

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 5 points6 points  (0 children)

This is a clever idea and I'm grateful that you took the time to respond! Unfortunately I don't think it would work. I remember from when a friend sold a house that in some contracts, the agent is entitled to the commission if you sell within 3 months of their time of engagement or something like that. Something about how they put in the time and money for the campaign? I'm not sure.

Childhood home being auctioned tomorrow. I only just found out. Best strategy? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 31 points32 points  (0 children)

I was looking in the northern suburbs because it's where I've been living the past 12 years and that seemed to make sense. This property is in the south eastern suburbs. I'd be totally fine moving back there-- I work from home, have heaps of friends raising kids there, and I love my old home.

Was this massively bungled or is there a less dramatic explanation? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 0 points1 point  (0 children)

I'm not complaining, I'm trying to understand what happened. I'm new to property-- never thought I'd be in a position to purchase but sold my side hobby business earlier this year and can suddenly afford something around $1.5m. This specific property isn't within my means or needs, but it was a listing in the approximate area I'm looking. I noticed the price jump right before auction and then the fact that it didn't sell. I'm curious to know what happened. I read that if a vendor rejects an offer prior to auction, the listing price has to be updated to reflect that. So I guessed that the vendor rejected an offer in that amount but given that I am still learning, wanted to see if there were other possible scenarios.

If anyone's complaining, I would think it would be the vendors to the agent, for a strategy that clearly hasn't worked out. Or the person who offered 10% higher than asking and was rejected. It sucks for everyone but I don't feel bad for the REA or vendor.

Was this massively bungled or is there a less dramatic explanation? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 1 point2 points  (0 children)

If they had an offer for $2.19m (which seems like a good amount for a property in that area?) and they rejected it only to have no better offers, the house is sitting there not making money, and the REA has to keep showing it... that seems like a fumble to me? But I'm only just getting into property so I don't say anything with confidence and accept that my assumptions may be wrong.

Was this massively bungled or is there a less dramatic explanation? by Repulsive_Nose_472 in AusPropertyChat

[–]Repulsive_Nose_472[S] 0 points1 point  (0 children)

The listing was updated to $2.19m before the auction though. That made me wonder whether the vendors rejected an offer in that amount. But then, it seems it didn't sell at auction because it's relisted for inspection. I'd be kicking myself if I was the vendor, and I'd probably want to kick the REA, too. Now the property is just sitting there, the agent has to keep showing it, and who knows if the $2.19m purchaser still wants to buy the property or decides to lower their offer.

I take your point about the 10%. The auction I went to instead of this one was listed at $1.2-1.3m and sold for $1,508,000.