Lawgoddess - Auction.

Lawgoddess, this one is for you. What is the easiest way to get a property at auction? Are there any tricks or hints I could apply?

PS. I went to an auction today and just missed out on the property i wanted. It just seemed that the guy i was bidding against was going to outbid me at every chance he could get so i had to throw in the towel. I am wondering if there are any tacts i could apply even if i am running low on funds? Ie. Is there a way to bluff so your opponent gives up? I am spewing i missed out on this property. I think as well i came back from his bids too quickly, i don't think i was 'cool' enough. What do you think?

I think the guy you were bidding against would have still bought the property regardless of any tactics. Unfortunately he probably had more available funds than anyone else there on the day. Buying property is a serious thing, so it would be prudent to say he was as keen on the realty as you were.

Any advice I can give is only from a personal perspective and not professional. I could give advice on the actual sale of the property etc (from a legal perspective)..but auctions are usually the domain of the real estate agents. The best person to ask would be an agent, as they would know all or any tricks of the trade.

But personally, as for tactics in the future...bidding too quickly is probably not the way to go. You show the vendors that you are very keen, and thus if you bid the highest but under reserve, the owners are more likely to push for the reserve rather than accepting something less. Also, any other serious buyers may bid in lots much higher than they would have intially just to throw you off. You can't really bluff with something you don't have. But apart from that, I don't think there is too much in the way of tactics to use against the other players, esp. if the other players want the property as much as you do. But don't take my word for it...the agents would be the best in the know in this area. I dunno, maybe you could try for the sympathy thing and rock up with 3.2 kids and get them to cry every time someone bids against you!

I'm sorry you missed out on the property. But with property, and I have said this to many friends of mine who have been in a similar predicament as you, that if you don't get it...you don't get it for a reason, and something much better will come along shortly. Doesn't help with the immediate dissappointment though. Maybe try to remember all the faults the property had, and how much extra work would be needed on it..it may lessen the blow a little.

Also, those hot auction shows on TV may actually give you some tips. Most properties in Qld get passed in at auction, and it amazes me how many are sold through auction in other states, and mostly above the reserve.

Sorry I couldn't be of any real help here. I will ponder on it some more, and ask hubby who may have had more experience in this area, and write more if there is anything substantial I can add.

no, i must say please read a post at help improve the site. Read crimeboard a post i made about an abused girl i meet off at a camp.

Thanks Lawgoddess 😉

Yep, you are right. At the end of the day, you need the money and that's what i didn't have. He obviously had more than i did. Yes, i was upset, but thank you for you advice about a better property coming along. I just want somewhere peaceful to live, i am not fussy! I don't need all the mod-cons.

Yes, it's strange about property in QLD. The market there hasn't really taken off yet. I would be tempted to buy an investment property there in a year or two as it will have to boom sooner or later. The real estate market in Melbourne is HOT at the moment and has been so for years. It's not quite as hot as Sydney, but getting there. It is very rare to get a property for the reserve these days. It is highly competitive. You should have seen all the revellers at this auction. At least a hundred I'd say. Maybe more. There were only 4 or 5 serious bidders though and i was one of them. If that guy hadn't have been there i would have got it, and at the price i wanted too. Oh well. It's such a nice place, i think he'll be very happy there. I'm just going to keep on plodding along. One day I'll find the place i want.

Thanks for the advice, it wasn't legal advice i was after, it was personal. I thought you may have had some experience in that field. If hubby has any hints I'd be glad to hear them. But I'm hearing you, it's about the $ $ $ at the end of the day, and luck, no one else there with more $ $ $ who wants the property...

Cheers,

Libragirl.

Spoken to hubby (who is Canadian) and he said that the only place he has heard of property auctions is in Australia! How interesting. So he can't be of any help here unfortunately.

lol.
where else but the land down under.

Yeah i know, bummer. I wish i could mail order one.