Your First Home Buyer Guide PodcastYour First Home Buyer Guide Podcast

Are You Making the Right Call by Avoiding Auctions?

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Today, we address a situation that many first-time home buyers are often faced with: to bid at auctions or avoid them altogether. We talk about the challenges and fears associated with auctions and examine if avoiding them is truly the best choice. This episode aims to make the auction process easier to understand and share practical tips to help you make well-thought-out decisions.

Auctions can be intimidating, they may seem simple in principle — as the highest bidder gets the property. But, in reality, it's quite complex and many potential buyers steer clear of them, opting instead for what feels like easier options. However, in areas where auctions dominate the real estate market, avoiding them might mean missing out on the best properties. So, what should you do if you're caught in this dilemma?

Don't let uncertainty hold you back from exploring the opportunities auctions offer. Tune in now to equip yourself with the tools and confidence needed to seize the best deals in the market.

Episode Highlights:

00:00 - Introduction

02:45 - Meighan’s special house of the week

06:23 - What are the two main methods of property sale?

07:33 - Why an owner or agent would choose to go down the path of having a public auction

10:18 - Importance of understanding the steps involved in accurately pricing property

13:56 - Why setting a limit as a buyer before going into an auction is vital

17:12 - Discussing the pros and cons of pre-auction offers

21:26 - Reasons why an agent would use pre-auction offers

24:06 - Understanding the types of bidders at auctions

26:41 - Why it’s essential to understand the different laws on property in every state/territory

Resources mentioned in this episode:

Resources:

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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