+ Reply to Thread
Page 3 of 13 FirstFirst 12345 ... LastLast
Results 21 to 30 of 130
  1. #21
    Join Date
    Jul 2010
    Posts
    11,321
    Thanks
    3,706
    Thanked
    7,403
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Quote Originally Posted by Purple Poppy View Post
    But you can still negotiate all these things with or without an agent and save a fortune on realtor fees and without having to put extra cash down for freshening up the place.

    Like op said they are in no real rush so they can negotiate with their friend for a higher price if they like.
    No I mean people say yes I'll buy it but they are not serious, so be careful about thinking it's a done deal and wasting time ( especially if you are on a specific time frame) on unqualified buyers -not saying your friend is OP but it's usually not that easy , especially when doing deals with friends or family and no terms or contracts have been issued yet

  2. #22
    Join Date
    Jul 2010
    Posts
    11,321
    Thanks
    3,706
    Thanked
    7,403
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Quote Originally Posted by BigRedV View Post
    she told me her budget before we discussed my house and I know she's been looking at houses. Then I asked what her budget was and I joked and said she could buy our house as we are probably moving.
    Has she seen your place?
    ( I just checked your suburbs last 8 sales were way over $1.3 so get an updated appraisal!)

  3. The Following User Says Thank You to Elijahs Mum For This Useful Post:

    BigRedV  (15-12-2016)

  4. #23
    Join Date
    Feb 2009
    Posts
    19,053
    Thanks
    1,559
    Thanked
    8,681
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 posts
    Quote Originally Posted by Elijahs Mum View Post
    Has she seen your place?
    ( I just checked your suburbs last 8 sales were way over $1.3 so get an updated appraisal!)
    I will for sure. Interestingly, apparently the trend for 4/5 bedroom houses has fallen but 3 bedrooms has risen.

    She he hasn't seen it yet but coming for my youngest daughter's party on Sunday.

  5. #24
    Join Date
    May 2013
    Posts
    8,395
    Thanks
    5,946
    Thanked
    4,955
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Awards:
    Busiest Member of the Week - week ended 17/4/15100 Posts in a week
    Quote Originally Posted by Elijahs Mum View Post
    In a market like Sydney where we have usually 10 plus registered bidders the buyers exhaust themselves to either there financial limit or what they decide the value of the home to be, the reserve price ( the owners want price) covers the vendor and any extra is a bonus, at auction the sale is unconditional, no cooling off period , it's far easier to get a buyer to pay more when the process is totally transparent, they can see their competitors and they know they have to make an immediate decision to pay more money to buy the home - in a private negotiation you can obviously get a buyer up but in no way under the same pressure to commit immediately like they would at auction, record prices are rarely achieved without an auction
    It's not totally transparent at all, I've never understood how agents get away with claiming that.

    Hypothetically, if in that auction the final bidder to bow out put in one more bid, and the eventual buyer had more money they would have put in another bid to buy the house and the seller would have got more money. Correct?

    But we would never know that in an auction. As it sold before EVERY buyer declared their highest price. The losing bidders all declared their highest price sure, so that was transparent, but the eventual buyer didn't. The auction in this hypothetical situation would have helped that eventual buyer buy a house for less than they would have been willing to pay and thus meaning the seller didn't get best price.

    However, if you did a best offers by a certain date and all offerors knew there were a likely 10 other people putting in offers, they would sign a form to say best and final offer, then they have no option than to put in their best offer or risk losing out.

    So if this had happened instead of your auction (just as this is the auction we are discussing) all of the people who reached their limit at the auction would have put their final (and losing) bid as their best and final offer, the buyer who got it for $1.42m could have been happy to pay $1.5m. So in a best offers by a certain date situation, they would have put in an offer of $1.5m (or close to it if they were confident they were offering more than anyone else).

    This way the eventual buyer (hypothetically) saved themselves $80k and the seller missed out on $80k.

    Still want to sell by auction BRV?

    So auctions may be semi-transparent - but to the buyers. A 'best offers by' situation may not be transparent to the buyers, but it IS transparent to the sellers as they will see and review all offers in front of them and decide, and after all it's the sellers paying the agents commission, so the process should be all about the seller (but obviously buyers still need to be treated fairly and with respect, that goes without saying).

  6. #25
    Join Date
    Jul 2010
    Posts
    11,321
    Thanks
    3,706
    Thanked
    7,403
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts

    Default Selling your house privately...

    Quote Originally Posted by A-Squared View Post
    It's not totally transparent at all, I've never understood how agents get away with claiming that.

    Hypothetically, if in that auction the final bidder to bow out put in one more bid, and the eventual buyer had more money they would have put in another bid to buy the house and the seller would have got more money. Correct?

    But we would never know that in an auction. As it sold before EVERY buyer declared their highest price. The losing bidders all declared their highest price sure, so that was transparent, but the eventual buyer didn't. The auction in this hypothetical situation would have helped that eventual buyer buy a house for less than they would have been willing to pay and thus meaning the seller didn't get best price.

    However, if you did a best offers by a certain date and all offerors knew there were a likely 10 other people putting in offers, they would sign a form to say best and final offer, then they have no option than to put in their best offer or risk losing out.

    So if this had happened instead of your auction (just as this is the auction we are discussing) all of the people who reached their limit at the auction would have put their final (and losing) bid as their best and final offer, the buyer who got it for $1.42m could have been happy to pay $1.5m. So in a best offers by a certain date situation, they would have put in an offer of $1.5m (or close to it if they were confident they were offering more than anyone else).

    This way the eventual buyer (hypothetically) saved themselves $80k and the seller missed out on $80k.

    Still want to sell by auction BRV?

    So auctions may be semi-transparent - but to the buyers. A 'best offers by' situation may not be transparent to the buyers, but it IS transparent to the sellers as they will see and review all offers in front of them and decide, and after all it's the sellers paying the agents commission, so the process should be all about the seller (but obviously buyers still need to be treated fairly and with respect, that goes without saying).
    It doesn't work like that - no one ever puts in their best offer and according to you what if they lied and they would have paid more - its the same thing except instead of 9 other people wondering what everyone else wanted to pay they are left in the dark and don't get an option to increase their offer ( what your describing is pretty much a tender and was the in thing in the 70,s before they found a better way) the property only sells at auction if the owners minimum price is met, the auction process is the seller being in total control , with all parties given an opportunity to bid in public under the owners terms

    There is a reason why auctions are the most successful way to sell , if they were not they wouldn't be so popular

  7. #26
    Join Date
    Feb 2009
    Posts
    19,053
    Thanks
    1,559
    Thanked
    8,681
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 posts
    People set a reserve. There more emotion at an auction.

  8. #27
    Join Date
    May 2013
    Posts
    8,395
    Thanks
    5,946
    Thanked
    4,955
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Awards:
    Busiest Member of the Week - week ended 17/4/15100 Posts in a week
    My own story is we had an agent who 'auctioned all I her properties' after a 4 week campaign of her doing squat, there's the auction where our highest bid was $470k. She then tried to negotiate with other buyers but couldn't get more than that. We sacked her, she agreed to let us out of our contract. Got a new agent, he had the listing for 2 weeks and we got 4 offers over $500k and sold for $523k!

    Our non auction agent did his job and sold the house and got the buyers to out in proper offers, not like the first agent who wanted a quick auction sale after 4 weeks of doing hardly anything.

    I don't agree the seller is in total control at all. My first agent tried to get us to take $470k and argued that the market had spoken and we would be crazy not to call on the market there and then. Yes we had control and said no, but not all sellers do that, they as sellers feel that auction pressure you mentioned in your past post and may hastily say yes fine put it on the market. That's not total control. That is control under duress.

    We also didn't have to accept any of our offers. We could have had time to think about it and make a decision when ready. That to me is total control.

    Auctions are so popular as people trust agents to do the right thing, people don't think of them in the way I have explained them.

    The fact of the matter is auctions may get more than what the seller expected BUT it does not get them the absolute best offer they could have got. It's a shame people hVe been drinking the auction cool aid for too long.

  9. #28
    Join Date
    Jul 2010
    Posts
    11,321
    Thanks
    3,706
    Thanked
    7,403
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    At most auctions the buyers don't even realise they have hit the owners reserve price, we only announce it when the bidding starts to slow

  10. #29
    Join Date
    Jul 2010
    Posts
    11,321
    Thanks
    3,706
    Thanked
    7,403
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Quote Originally Posted by A-Squared View Post
    My own story is we had an agent who 'auctioned all I her properties' after a 4 week campaign of her doing squat, there's the auction where our highest bid was $470k. She then tried to negotiate with other buyers but couldn't get more than that. We sacked her, she agreed to let us out of our contract. Got a new agent, he had the listing for 2 weeks and we got 4 offers over $500k and sold for $523k!

    Our non auction agent did his job and sold the house and got the buyers to out in proper offers, not like the first agent who wanted a quick auction sale after 4 weeks of doing hardly anything.

    I don't agree the seller is in total control at all. My first agent tried to get us to take $470k and argued that the market had spoken and we would be crazy not to call on the market there and then. Yes we had control and said no, but not all sellers do that, they as sellers feel that auction pressure you mentioned in your past post and may hastily say yes fine put it on the market. That's not total control. That is control under duress.

    We also didn't have to accept any of our offers. We could have had time to think about it and make a decision when ready. That to me is total control.

    Auctions are so popular as people trust agents to do the right thing, people don't think of them in the way I have explained them.

    The fact of the matter is auctions may get more than what the seller expected BUT it does not get them the absolute best offer they could have got. It's a shame people hVe been drinking the auction cool aid for too long.
    Well that makes sense now, you've obviously had a bad experience so of course you don't like them! Are you in Sydney?

  11. #30
    Join Date
    May 2013
    Posts
    8,395
    Thanks
    5,946
    Thanked
    4,955
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Awards:
    Busiest Member of the Week - week ended 17/4/15100 Posts in a week
    Quote Originally Posted by BigRedV View Post
    People set a reserve. There more emotion at an auction.
    I'm not doubting sellers get a price they want, but I think sellers should get the most they can get and they are not going to get that at an auction.


 

Similar Threads

  1. Selling my cloth nappies?
    By Little Miss Sunshine in forum Cloth Nappy Discussion Area
    Replies: 7
    Last Post: 20-02-2017, 06:28
  2. Selling house - curtains?
    By Frankenmum in forum General Chat
    Replies: 10
    Last Post: 05-05-2016, 20:22
  3. Current work place selling to someone else
    By Myztiks#1Fan in forum Family Finances
    Replies: 10
    Last Post: 07-03-2016, 20:03

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

ADVERTISEMENT

ADVERTISEMENT

FEATURED SUPPORTER
L'il Aussie Prems FoundationAn Australian charity supporting families of premature babies & children. The charity assists families who are at high ...
REVIEWS
"Made bed time less anxious"
by Meld85
My Little Heart Whisbear - the Humming Bear reviews ›
"Wonderful natural Aussie made product!"
by Mrstwr
Baby U Goat Milk Moisturiser reviews ›
"Replaced good quality with cheap tight nappies"
by Kris
Coles Comfy Bots Nappies reviews ›

ADVERTISEMENT