Auction Satur(day)
Another Saturday and another property auction...well, I've got three to go today, not just the one, this one is just the first. I've been going to a lot of auctions lately, researching for what's to come in the not too distant future.
I'm considering selling one of my properties down the track in what is a really great market: Short selling times mean higher prices as it means demand is good and currently demand is really good and I'm thinking about capitalising on that and turning over an investment I've had for almost thirty years.
I spent twenty years in the property industry, commercial and residential and property development, and even though I don't do it now I have a pretty good handle on things and also a lot of good people (I can trust) around me to keep me informed; but there's nothing like getting boots on the ground and seeing the bidders on auction day and, of course, comparing the various properties against my own that are selling in the area. It'll help me know what want to do to get mine ready (and what I don't need to do) and will give me a stronger indication of where to set the auction reserve and what to expect as an end result.
I like to research and plan things especially when they have such huge financial impacts upon my life and this is part of it so here I am observing and banking away valuable information.
Have a good weekend y'all.
Design and create your ideal life, tomorrow isn't promised - galenkp
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Image(s) in this post are my own
Ah it is for sure a good market to sell.. but that also means it’s a bitch to buy lol. The conundrum I’ve been in! Selling is good, but then buying at a premium is tough.
Hope you can sell at a great price dude!
We had that problem the last time it was a good time to sell (and apparently by the same token a terrible time to buy XD) and we were thinking of moving but had to buy subject to sale aaahhhhh XD And because of that we ended up deciding to stay put. Are you having a similar kind of problem?
Yeah in a way! The mortgage (since Americans love to have mortgages..) we have right now is far cheaper than if we were to sell, take the profit and put it in something else. Sucks because I for sure need a bigger place but it's not the right time to get one sadly. My issue is, will it ever be? Lol
I feel like there's never a right time XD (and even if you can see a "right time" as far as market prices go that has to align with having resources available to be able to utilise that)
We're pretty much the same but bigger is kind of optional, we kind of more need a better layout. I love this quirky old house but it's so inefficient :<
and needs so much work aaahhhh
I don't need to buy, I have multiple houses, but selling and buying in the same market negates the benefit of selling at a high price, especially if upsizing. Downsizing can work ok though.
Yeah that's good then! Sell and take profit that's good!
Hey friend, how much would you sell a property like this for?
Hmm, I'm not sure I'm your country, probably a few bucks less that it would sell here though. It's be interesting to find out though.
That's in what is considered the most dangerous neighborhood in Caracas, more than 300 stairs to get to that house.... 😵
300 stairs? I'd need to stop for a sleep to recover half way up! 🤔😉
It is possible that a neighbor would allow you to rest for a while in his house to continue climbing, not everything is bad, there are many hospitable people.
Well, that's nice to know. Hopefully they make me some arepas and a coffee too. 😊
That's for sure 😉
Good luck with your auction! :D
All done and dusted...they sold at a price I expected. So their auction went to plan.
Good sign XD Did I misunderstand and you were just looking at what you should set your price to? I got the possibly misguided impression that you were thinking about selling yours at an auction as well ^_^;
I'm selling eventually, just researching other properties' condition, presentation, buyer interest and auction results. Mine will sell down the track.
Ahh gotcha. I shall genericise my well wishes to good luck with selling whenever you get around to it then ;D
I think your well wishes are going to send my property price through the roof!
LoL! It would be nice if they actually did anything more useful than giving people a warm fuzzy if that XD
Let's hope hey? I'll send you a commission if I exceed my reserve by 20% (actually quite feasible in this market.)
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Oh you into auctions? There are a few here too but it's kinda complicated, for example if a house is in auction and it's still occupied, you can't kick out the people expecially if a kid is involved
I'm not sure by what you mean by into auctions. Is anyone into auctions?
Anyway, there's laws here around property and real estate here, if you read the post you'd have seen that I mentioned spending twenty years in the industry so I'm quite familiar with them all. But, as for being into auctions, well nah, not really.
I guess it doesn't make much sense in English that sentence? I just translated literally... I mean you go at auctions and eventually buy, that's it 😅 not many people bother here to enter that world... yeah I've read you been doing this for a lot of time so you are experienced
Ah ok, a translator.
I've bought at auctions but that's not what this post is about at all.
Hm i'll just translate the whole post later with a translator and get back to you, probably I'm not getting it right with mental translation
If you wrote in Italian I'd have very little chance of understanding it, so I'm in the same situation.
Ok now I think I got it, now it's indeed a great time to sell, at least here houses go within days not even weeks and I'm talking about 250-300k houses... How does it work there? I mean here you set a sale price and then receive offers, everyone independent from the other, you sell normally by auction there? Here auctions are only if you can't repay the bank, so it takes your house and sells to repay the debt but at a low price... That tricked me i guess as I didn't see much sense to go at auctions for debt repayments beside buy, but at your place works different I suppose, you check what other properties are worth and why
We have *private treaty" which is when a price is advertised and prospective buyers make offers and negotiate privately through the sales agent with the vendor (owner/seller).
We have auction which is an open forum for bidders to bid to win the property in full view of the other bidders.
We have expression of interest where buyers submit their offers in sealed envelopes by an appointed day and they are opened by the sales agent and vendor (owner/seller) and they select one to negotiate with.
These are the main sale techniques used (for residential sales) but there's others, just less used than the three above.
Banks have to sell repossessed houses (failure to pay mortgage) by auction but these days with the competition so fierce the auction process is very widely used. It also means there's no cooling off period and no "subject to" condition like building inspection or finance. On the fall of the hammer the property is unconditionally sold. It's a great way to sell.
I'm checking other properties and sale prices and auction results/attendance as that will influence what I do with my own when I finally decided to list it for sale. I will definitely use an auction method of sale as the house I'll be selling can be divided into two allotments so is valuable and the buyers will fight over it forcing the price up.
Here, there's no houses for $250-300K. The one day was a standard home in average condition, 3 bedrooms and 1 bathroom and it sold for $813,000. Mine will probably sell for about a hundred thousand more in the current market. I want as much as possible as there's only one chance to get the most.
The open auction must be very thrilling if you are a buyer and for the seller is good too I guess
I converted to euros and it's like 480k for a medium apartment, man that's so expensive, is that in the city center or rural area?
Any city or town really, but we have towns that only have 12 people in them so obviously not in such small and remote places.
Some time ago I watched Storage wars on tv. There a few people bid against each other in order to buy storages. It was interesting because I could never guess what bidders will find in the storage they bought.
My dad's friend who knows a lot about real estate helped us sell a few apartments and buy a house where we live now. Time really flies because that was already more than a decade ago...
It's good to have people in the industry, I used to be that guy to many of my friends and certainly to a lot of clients. These days I have the understanding but the facts are what counts so I make alliances with agents and get the information that way.
Got a friend looking to buy at the moment. They've got a budget of around 650k. They're having a rough time finding something that suits their needs. There's a lot out there, but when the open inspections have 15-20 minute waits (just to get in!) its harrowing.
Been to a few with them, and the quality of the stuff on the market varies wildly (and so do the expectations!)
It's a tough market to buy in...the auction property in this post went for $813,000 under the hammer and it was nothing at all special or large. It's good though as it's more evidence of mine in the same suburb being well north of that. I'm just glad I did the hard yards years ago and have multiple properties, I'd not want to be buying in this market. I wish your friends luck.
Well at my point in my life, I don't want to sell or buy a property ever again, I'm sick of stamp duty and moving :D
Fucken Stamp Duty.
$40,580 on an $850,000 house purchase for a non-first homebuyer and $29,580 on $650,000 for the same non-first homebuyer. Fucken nuts.
All for updating a row in a ledger.
Yep, it's a joke.
At least there isn't land tax for PPOR. Thanks for making my discord go bing, its keeping me awake for F1 quali :)
Haha, yeah I'm watching too...should be interesting.
Selling a house to acquire more guns sounds like a great plan. 😁
If only it was that simple huh? In truth I have more than enough and more than I need so I’ll have to find something else to spend it on. I think travelling the world could be a good option.
I have not been to an auction before, but that is interesting. I would also like to sell a property I have, but it's not really the right time, there is no demand and house prices are at rock bottom, so I have to wait for the best opportunity and keep my eyes open.
Have a great weekend!
The best time to buy is when you have to and the best time to sell is when you have to.
Have a good weekend.
Well said!
Love how you still get boots on the ground, it’s easy to rely on data and experts but seeing things for yourself is a whole different kind of valuable. I should probably do the same more often in my own projects!
Yeah, it's good, maybe give it a try yourself.
I have also think to get some in real estate shittz, but it need some good amount of money to buy or sell out the property, and if we talk about the broker in real estate then it takes lot and lot of time to make yourself in good position. And real estate is one of the best way to make money. Btw all the very best sir! for auction.
For sure you ar right. Have a good weekend.
That's interesting..it the auction the common way to buy and sell houses there?
Yeah, it's quite common and with the market like it is the auction increases prices and minimises time on market. The latter supports the former. I don't know the exact figures but it's something like 25% of residential sales on average around that country are auction sales. The one in this post for instance...16 registers bidders after a three week marketing/inspection campaign. Bidding opened by the auctioneer at $650,000 and inside of 12 minutes it was knocked down (sold) at $813,000. Unconditionally sold, no finance clause, no building/pest inspection...sold and deposit payable.
That seems like a good way to do it. Does it depend on the market attitude, as in a buyer's market or seller's market? I've not heard of that here, but I see the merit.
The tone in the market makes a difference yes, and the location/price of the house also as that dictates the socioeconomic demographic from a buyer's perspective and some simply can't get themselves into a position to buy unconditionally (i.e. no finance clause).
Good luck at the auctions! I hope you have a great weekend as well. I'm hanging out away from home getting ready to celebrate the graduation of my niece this weekend.
A graduation is something to celebrate indeed! Well done to your niece.
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