How to buy prior to the auction
day
As markets heat up, typically more
vendors take their property to auction. There are a number of reasons why a
vendor might be willing to sell before auction day.
1. Auction nerves
Many
vendors are pushed into auction as a sales method by their selling agents, but
they would be much more comfortable with a calm,pre-auction
negotiation.
2. The sellers are elderly
Be
prepared to be flexible on settlement terms, as these vendors may face
challenges if asked to move quickly – they could be relocating into retirement
living and be restricted by availability, or have health or mobility issues
that are holding them back.
Adopt
a considerate approach, along with saving them from the stress of an auction.
3. Time pressure
If the vendor has time
pressures– for example, they’ve already bought elsewhere and are keen to
sell without delay. This is especially handy if you’re flexible on settlement
terms.
4. There’s little interest from other buyers
If
there is little other interest in the property, the selling agent may encourage
the vendors to take your offer, fearing a fizzer of an auction.
5. The agent is in a hurry to move on
This
could be the case if they’ve managed the listing for a long time, they’ve
invested their own money into the marketing, or the vendors are particularly
difficult to deal with.
6. You have offered a premium price
If
you offer a high enough price, you may just convince the vendor to sell prior
to auction day. This can be handy if you’re not interested in having to
potentially compete at more property auctions and spending money on multiple
properties prior to auction if you don’t win.
Right now, at
RealRenta Join now and get 50% off the normal low price:
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Jason Gwerder
Thursday, 10 December 2020
