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Why do some apartments have different titles? Property Insider Secrets Ep.16
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Buying a property, especially your first, is a very emotional experience. Buying a property at auction can make that emotional roller-coaster even worse which is why you need to know what you are doing before the auction starts!
This week Toni speaks with Peter Gray, a real estate agent, about the auction process and why it’s so important that you do the necessary research and preparation before bidding on a property. The more familiar you feel with the process the more confident you will be and the less chance there is of disaster!
Some Topics Covered:Rule of thumb when estimating a property's sale price at an auction
- Add 10% above quoted range
Why it’s important to do your research before the auction starts
Financing Pre-approval process
The emotional rollercoaster of an auction
- Auctioneers try to excite the crowd
- First-time buyers should have someone bid on their behalf.
- Try to take the emotion out of the experience (as much as possible)
Pre-auction
- See the property 2-3 times before the auction
- Visit the property at different times of the day
How an audition can drive prices over market value.
- Stubborn or deep pockets
- Remember that the agent is working for the vendor
How to pay the deposit on a property
- Check or direct deposit
What happens if the high bid doesn’t meet the reserve
- First right of negotiation with vendor goes to the high bidder
The consequences of agents “underquoting” a property
Question of the Week: Who pays utilities on a rental property?
Connect with Peter Graypgray@planinsekproperty.com.au
Learn more about Peter Grayplaninsekproperty.com.au/peter-gray
Toni welcomes questions and comments! Feel free to email her at toni@planinsek.com!
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