Have you been eyeing off a house that’s going to auction?
Buying your first home, or next home for that matter, is both an exciting and daunting time.
Recently, a friend of mine came to me for some professional advice following a long awaited and pondered over decision to finally get into the property market.
Yep, he was ready to take the plunge and buy his first home.
As you can imagine, I was pretty excited for him.
BUT AFTER A LITTLE DISCUSSION ON THE TOPIC, I CAME TO REALISE THAT HE WAS SKIRTING AROUND THE WHOLE AUCTION PROCESS.
“Wendy, I don’t really want to buy a house at Auction. The whole process just scares the crap out of me. I couldn’t handle rocking up and having real estate agents push me into making a bid!”
I must say, it didn’t come as a complete surprise to me that he was put off by the Auction process. I see a lot of first home buyers and even seasoned investors for that matter, run for the hills when a property they like is going up for Auction.
Either that or they cringe like mad, and start searching for another property that seems an “easier” buy.
SADLY, I KNOW A LOT OF PEOPLE WHO SIMPLY PUT IT IN THE TOO HARD BASKET AND LOOK FOR SOMETHING ELSE.
And really, who can blame them? Auctions CAN be pretty intimidating. Heck, I’ve been to enough to know!
Throw in a couple of inexperienced first home buyers or newbie investors and you have a recipe for disaster, unless of course they have someone like myself representing them.
But with that said, professional representation or not, buyers should never discount Auction. Often the best properties are sold via the Auction method and limiting your buying pool to just the private treaty sales is in my opinion, ludicrous.
IF YOU'RE GOING TO GET IN THE GAME, THEN I SUGGEST YOU DO IT PROPERLY.
It could just be your dream home that you missed out on because you were too afraid to bid at an Auction.
Or maybe it’s that perfect investment that ticks all the right boxes that you put in the “too hard basket” because you’re afraid to turn up and make a bid.
I get it, but if you’re serious about real estate, you need to change this mentality pronto!