Could you handle a boardroom auction?
Property buyers really need to ask themselves “could you handle a boardroom auction”? They are super stressful and not for the inexperienced buyer.
If you haven’t participated in one, its wise to seek the help of a qualified and experienced Buyers Agent.
Recently a property that we wanted to secure on behalf of a home buying client was sent to boardroom auction prior to a published auction date. Due to be auctioned in 9 days time, instead buyers were informed that the Vendor had received an offer at an acceptable level and that the property would be sold unless anyone was willing to offer more.
Then we were phoned and informed that at least three parties were prepared to offer more and that a boardroom auction would be held on Friday night at 6 pm. As profession property buyers, our Buyers Agents were prepared and ready to bid without risk. Finance was in place and ready. Solicitors had reviewed and advised upon the Contract of Sale and Section 32. A building and pest inspection had been done. We knew what we wanted to pay.
After arriving at the agents office, there was quite a crowd in the boardroom. Four bidders competed, with one competing buyer driving the price $150,000 above what others were prepared to pay. The property sold well above reserve and the vendors were thrilled.
Our client believes this is here forever home and the family are thrilled with the purchase. They can’t wait to move in and enjoy the benefits of such a super location. Trams at either end of their quiet, tree lined street. Family close by. Train and shops and cafes only a short walk away.
Knowing that the market is not soft at the moment and there were four bidders for a home in Glen Iris in the $2 million to $3 million price range, you might ask yourself again, could you handle a boardroom auction?
For independent advice on buying or selling real estate, contact Janet Spencer at Buyer Solutions +61 3 9816 8555 or email jspencer@buyersolutions.com.au
Buyers Advocate, Buyers Agent, Buying property, First home buyers, Home buying, Investment property
+61 39816 8555