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  1. #11
    Join Date
    Apr 2005
    Posts
    2,891

    Default

    Quote Originally Posted by Frezzinghot View Post

    Then again, in a hot market the auction process works well so I guess the process depends on which side of the fence you sit on, but watching yesterday as the buyers/sellers were playing tug of war with the piggy in the middle agents running around like headless chickens was just downright tedious and tiresome to watch!

    No thanks in future, mass auctions in this market is for people who have time on their hands and play money in their pocket, good luck to them, I’m out!

    FH
    Ha.

    Yes, in some ways irrational buying frenzies work for sellers, but...da da daaa.. you loose what you gain as soon as you move on to the next step in your process, the buying of your next house.

    Nope, while the middle men try and tell you its working for you, it's really not.

    It's working for them.

    While you would loose some opportunities from a" fixed house price requirement on every house", … you would gain other opportunities.

    Other ways to take advantage of a new system.

  2. #12
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,537

    Default

    Noticed that in the last month nearly every property is going to auction.

    Mean not a good time to buy unless you spot a real bargain.

  3. #13

    Default

    Quote Originally Posted by Viking View Post
    Noticed that in the last month nearly every property is going to auction.

    Mean not a good time to buy unless you spot a real bargain.
    Yes all the agents are jumping on he band wagon now, do you think they are all trying to make hay while the sun shines? I think this winter and the election will slow things down quite considerably! With all this good weather buyers feel good with all the warm fuzzies!
    "Remember, people will judge you by your actions,not your intentions.You may have a heart of gold -but so does a hard-boiled egg".

  4. #14
    Join Date
    Aug 2009
    Location
    All of New Zealand
    Posts
    865

    Default

    Agents using Auctions to first home buyers should be banned. These are a vulnerable group and to get to a position to bid many need their own LIM (not vendor supplied) building report (which Agents shy away from) and if high LVR, a Registered Valuation. Total cost over $1600. Add to that the costs in processing applications that go nowhere. If they don't win they have to start over and I know over several who have repeated this then given up on due diligence and bought a dog. Just plain wrong in my opinion.
    www.ilender.co.nz
    Financial Paramedics

  5. #15

    Default

    Quote Originally Posted by brokerman View Post
    Agents using Auctions to first home buyers should be banned. These are a vulnerable group and to get to a position to bid many need their own LIM (not vendor supplied) building report (which Agents shy away from) and if high LVR, a Registered Valuation. Total cost over $1600. Add to that the costs in processing applications that go nowhere. If they don't win they have to start over and I know over several who have repeated this then given up on due diligence and bought a dog. Just plain wrong in my opinion.
    Even for investing. Exactly this reason I don't consider auctions. Especially if you're looking at multiple properties, it starts to add up very quickly. How many more auctions can you afford? You start to think of the sunk cost and consider bidding higher to not have to go through that again.
    I won't buy without a report, dodged a few bullets, so that's not an option for me.
    One less raised hand in the auction room for you guys, though... you're welcome.

  6. #16

    Default

    Yeah i'd way prefer an auction over the closed tenders they used to prefer in Welly (not sure if they still do). I had friends selling up there where the highest bid was $120k above the next bid - on a house that sold for $450k!!! And it wasn't an isolated instance. Myself i put a closed tender on a place about 10 years ago at 40k over GV (so 540). Top bid was 575 and sold to them....not sure where its at now but saw it back on the market a couple years ago at 520....

  7. #17
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,447

    Default

    Quote Originally Posted by brokerman View Post
    Agents using Auctions to first home buyers should be banned. These are a vulnerable group and to get to a position to bid many need their own LIM (not vendor supplied) building report (which Agents shy away from) and if high LVR, a Registered Valuation. Total cost over $1600. Add to that the costs in processing applications that go nowhere. If they don't win they have to start over and I know over several who have repeated this then given up on due diligence and bought a dog. Just plain wrong in my opinion.
    I used to sell real estate. Got out when auctions started coming in. So unethical.
    Squadly dinky do!

  8. #18

    Default

    Quote Originally Posted by Davo36 View Post
    I used to sell real estate. Got out when auctions started coming in. So unethical.
    Well thatís makes one of you.
    I love the agents that string everyone along with lower price expectations than reserve. Just to bolster numbers on the day. Great use of my time.

  9. #19
    Join Date
    Aug 2009
    Location
    All of New Zealand
    Posts
    865

    Default

    Having bought two properties in recent years at Auction can definitely say they favour the well positioned buyer and not the seller. It is estimated that 80% of potential buyers either cannot or will not bid, that means only 20% can and by restricting the buyer pool the Agent is restricting the price achieved. (this is for regular property of course, not do-ups or those with development potential etc)
    www.ilender.co.nz
    Financial Paramedics

  10. #20

    Default

    Quote Originally Posted by brokerman View Post
    Agents using Auctions to first home buyers should be banned. These are a vulnerable group and to get to a position to bid many need their own LIM (not vendor supplied) building report (which Agents shy away from) and if high LVR, a Registered Valuation. Total cost over $1600. Add to that the costs in processing applications that go nowhere. If they don't win they have to start over and I know over several who have repeated this then given up on due diligence and bought a dog. Just plain wrong in my opinion.
    You are Bang on here! And first home buyers are very inexperienced and need help bidding at auction! Itís a scary place as you win it, you buy. Ban them I say, it only benefits the agents and a few lucky vendors in a hot market.

    FH
    "Remember, people will judge you by your actions,not your intentions.You may have a heart of gold -but so does a hard-boiled egg".


 

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