How to buy prior to auction day

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.

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Jason Gwerder
Thursday, 10 December 2020

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