stupid auctions

d@n · Jul 26, 2008 4:20 pm

Just got back from an other stupid auction.

The house was very old and empty (guaranteed must sell). RA's were pumping the place up as an ideal knock down job to "build your dream home". Trouble with that is, the property is already very pricey due to it's location. So to knock down and rebuild would REALLY be big bucks.

So the RA talks up the place, says he was thinking of the place last night as he was watching the footy.......yeah right, what a tosser!!!. :roll:

Can't they just cut the BS and get on with it. So he starts and no bids after 3 mins. He then puts in a vendor bid. Further 5 mins and still no bids. He goes inside to chat with the vendor. Comes back out, tries to get the bidding going again when clearly by this time no one was interested. And then for some odd reason, the RA puts in another vendor bid (+50K)......totally weird thing to do. :roll:

At this point people start walking away. The ran starts to fall and he ends the auction.

What a dope.

Michelle · Jul 26, 2008 5:30 pm

Number one big no, no.!

Never try and sell a home empty! Some people do not have imagination.

I would never put my home on the market empty; most people would come in and look at my feature walls and die of fright! Unless they can see what can be done, it may sit there for a very long time!

NO, No’s ………never sell your home without furniture!

d@n · Jul 26, 2008 5:38 pm

Michelle

NO, No’s ………never sell your home without furniture!

Some places are so old that even furniture and feature walls won't make them sell.

Michelle · Jul 26, 2008 5:43 pm

d@n

Michelle

NO, No’s ………never sell your home without furniture!

Some places are so old that even furniture and feature walls won't make them sell.

TRUE!!!

Southies · Jul 26, 2008 6:13 pm

My 2 cents worth, after years of experience :

At the end of the day an auction is a business process just like any other......you do your homework/research, so that you can make an educated guess as to the state of the market. You particularly watch the market for a few months to gauge what's happening.

THen, if selling, you go private treaty ie a negotiable price, NOT auction. Auctions are a sucker's game for those who have not done their research and for the greedy (both agents & vendors)

The vultures ( real estate agents) are always circling.

Helyn · Jul 26, 2008 7:39 pm

Re furniture; our agent told us the same thing, we are putting our old house on the market in a week or two, if handover of new one happens before this one is sold and we move in, we will leave here any furniture we are not taking, perhaps even the dining suite (and use our outdoor setting for a while at the new house.)
Agent told us this particuarly applies to living rooms - bedrooms not so much, they are more 'obvious', everyone can figure where the bed would be but can't alway visualise the living areas.

Yak_Chat · Aug 02, 2008 9:24 am

Dan,

Sounds like Vic need to implement SA's new legislation.

http://www.ocba.sa.gov.au/about/legislative/real.html

Read the changes to legislation section if nothing else.

The Statutes Amendment (Real
Estate Industry Reform) Act 2007

Goes live today - Have a read - you will be impressed.

Steve

d@n · Aug 02, 2008 10:52 am

"All bidders must be registered to bid at an auction,
and must be provided with a guide to the auction and
sales process."

What a hassle.....the rest sounded routine from the quick glance I did.

Oh well...saturday again. Off to another two auctions for more stupidity.
:lol:

to_do_list · Aug 02, 2008 11:52 am

d@n

"All bidders must be registered to bid at an auction,
and must be provided with a guide to the auction and
sales process."

What a hassle.....the rest sounded routine from the quick glance I did.

Oh well...saturday again. Off to another two auctions for more stupidity.
:lol:

Good luck!

d@n · Aug 02, 2008 4:02 pm

to_do_list

Good luck!

First was sold b4 auction. I suspect this was done days before. Would have been nice if realestate updated their site. I notice a lot of properties still listed days after sold which is annoying.

Second one received no bids. Only a dozen turned up. Most just onlookers except for this asian family who everyone was looking at thinking they must have money. Funny stuff.

Yak_Chat · Aug 02, 2008 6:44 pm

Quote:

All bidders must be registered to bid at an auction,
and must be provided with a guide to the auction and
sales process."

Come off it Dan. :shock:

You're potentially about to bid more than a years salary (I assume) on a house. Surely you taking 5 to 10 minutes to sign some documents so they know who you are - in case you bid - and then jump in your car and run away is a fair call on their part.
If you don't have time to do that - then maybe your not really serious about buying.
Steve

Helyn · Aug 02, 2008 7:15 pm

True, Yak chat.

And I think it is also to protect buyers by making the process more accountable in that real estate agents can't set up dummy bidders to keep pushing the price up and then have them untraceable afterwards.

I think it is fair enough and I also think open inspections where you have to record your name and address are fair enough, I have been to a few of these (in Adelaide) although I don't think they go far enough; the ones I went to, you just put your name/address/phone no in a book but there is nothing to stop you making it up, I think asking for ID, say a drivers license, would be reasonable.

Paula · Aug 02, 2008 10:02 pm

Helyn

, I think asking for ID, say a drivers license, would be reasonable.

Helyn around my aera thats what they do, record the info from Drivers licence or other I.D. Very good idea.

d@n · Aug 02, 2008 11:46 pm

Yak_Chat

Come off it Dan.

By registering, the RA knows who's there to bid from those that aren't. I as a bidder wouldn't have that info, so why give them an advantage.

Quote:

and then jump in your car and run away

Has this been a common problem?

Quote:

real estate agents can't set up dummy bidders

Nothing will fix the dummy bidder. All auctions should be banned full stop. It's an archaic practice that is no longer needed.

stonecutter1309 · Aug 03, 2008 10:08 am

Paula

Helyn

, I think asking for ID, say a drivers license, would be reasonable.

Helyn around my aera thats what they do, record the info from Drivers licence or other I.D. Very good idea.

They require that before you can get into some high end homes open for inspection in Sydney!

Yak_Chat · Aug 03, 2008 10:41 pm

Quote:

Yak_Chat wrote:
Come off it Dan.

By registering, the RA knows who's there to bid from those that aren't. I as a bidder wouldn't have that info, so why give them an advantage.

D@n - You're just not ready to buy a house yet.

Quote:

Nothing will fix the dummy bidder. All auctions should be banned full stop. It's an archaic practice that is no longer needed.

Hmm - Let me think - Ahh .... Isn't there a major web site and a whole stack of people buying in a bidding fashion right now? Sure auctions have their place, but if you really wanted to buy - you'd have no issues with bidding or being registered to bid.

Stonecutter = And so they should.

Steve

d@n · Aug 03, 2008 11:04 pm

Yak_Chat

Hmm - Let me think - Ahh .... Isn't there a major web site and a whole stack of people buying in a bidding fashion right now?

This is a thread about real estate auctions, not ebay.

Yak_Chat · Aug 05, 2008 9:33 am

Dan I agree - it's a thread about real estate sales.

So where does this fit into your thinking?
Dan wrote

Quote:

All auctions should be banned full stop. It's an archaic practice that is no longer needed.

An auction is self regulating method of sale.
If the market is hot an auction will have people bidding against each other to secure the item.
If it's not hot - then the market will not be fighting to secure that item.

Auctions have their place.

But in todays market - They would only work with fewer properties.

But if you wait 12 months dan - you might get the bargain you're after dan.
And my tip is it could be at an auction being run a by a bank who is selling on a defaulting mortgage.

Steve

d@n · Aug 05, 2008 10:41 am

Yak_Chat

An auction is self regulating method of sale.

And who's regulating the RA's?. What about all the house hunters who have their time wasted because the RA lists the property a 100K below reserve?. What about the time and money they invest in their search?

Quote:

If the market is hot an auction will have people bidding against each other to secure the item.

You don't need an auction for that to occur.

Quote:

Auctions have their place.

Today I just see it as a form of advertising/marketing for the agent. They love the theatrics and putting on a show. Big noting themselves how they sold this and that property for a record price or how the market is going gang busters when infact it's dead as a donkey. Auctions are an avenue for the RA to spin their BS infront of a crowd. It's a PR exercise.

Yak_Chat · Aug 06, 2008 1:35 am

dan - all of the above you have commneted on are indicators of a hot market.
It's cooling - so leave it be till the agents realise it.
Steve