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Mortgages for First Homes & First Investment Properties@themortgage_man Auctions feel intimidating, especially when you've never bid before or bought a house, but they do offer one major advantage: you can see exactly where the other buyers are, rather than negotiating behind closed doors. Would the word "auctions" still make you skip a property? To be able to bid you still have to have done your due diligence, which is expensive, just to get a seat and a paddle. I talk about this and other things you should ask a real estate agent about open homes and making offers stronger in the latest podcast. The episode is linked to my profile bio @ellabason_
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@daina.jane Im not paying thousands of dollars for due dilligence just for the privilege of “bidding”.
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@caferacerofauckland Either way, auction or negotiation, you’ll have a hard limit for yourself - therefore zero need to focus on what others are doing. Every house I liked had originally gone to auction with 0 bidders then moved to negotiation. 2 examples. First was a 3 bedroom townhouse in Greenlane asking $750k, second a 2 bedroom with land and garage in Oranga for $770k. The first sold for $690k via multi-offer negotiation, and I got the second for $740k via negotiation. If I see auction I’ll just move on. If you don’t get the place you want via negotiation then tough, there will always be another, and another
@emberkitkat As someone who went to an auction as a first home buyer it was frustrating as us and another person were bidding. We all stopped at a point where we thought the home was worth and the owners passed it in and were wanting 100k more than any of us thought it was worth. Safe to say it didn't sell for what they wanted and they missed out on buyers. We have now bought ourselves a much better home thats bigger and paid less than what we were going to for that home we bidded on. So all worked out in the end but also very frustrating
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@taramahea As someone from the US now living in NZ, I will never understand why folks seem just fine in a real estate system with no listed sale price. And also no 30-year fixed rate. You’d think the U.S. would be the country that would love an auction and a new interest rate every 5 years. ⚰️⚰️⚰️
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