I'm not sure by what you mean by into auctions. Is anyone into auctions?
Anyway, there's laws here around property and real estate here, if you read the post you'd have seen that I mentioned spending twenty years in the industry so I'm quite familiar with them all. But, as for being into auctions, well nah, not really.
I guess it doesn't make much sense in English that sentence? I just translated literally... I mean you go at auctions and eventually buy, that's it 😅 not many people bother here to enter that world... yeah I've read you been doing this for a lot of time so you are experienced
Ah ok, a translator.
I've bought at auctions but that's not what this post is about at all.
Hm i'll just translate the whole post later with a translator and get back to you, probably I'm not getting it right with mental translation
If you wrote in Italian I'd have very little chance of understanding it, so I'm in the same situation.
Ok now I think I got it, now it's indeed a great time to sell, at least here houses go within days not even weeks and I'm talking about 250-300k houses... How does it work there? I mean here you set a sale price and then receive offers, everyone independent from the other, you sell normally by auction there? Here auctions are only if you can't repay the bank, so it takes your house and sells to repay the debt but at a low price... That tricked me i guess as I didn't see much sense to go at auctions for debt repayments beside buy, but at your place works different I suppose, you check what other properties are worth and why
We have *private treaty" which is when a price is advertised and prospective buyers make offers and negotiate privately through the sales agent with the vendor (owner/seller).
We have auction which is an open forum for bidders to bid to win the property in full view of the other bidders.
We have expression of interest where buyers submit their offers in sealed envelopes by an appointed day and they are opened by the sales agent and vendor (owner/seller) and they select one to negotiate with.
These are the main sale techniques used (for residential sales) but there's others, just less used than the three above.
Banks have to sell repossessed houses (failure to pay mortgage) by auction but these days with the competition so fierce the auction process is very widely used. It also means there's no cooling off period and no "subject to" condition like building inspection or finance. On the fall of the hammer the property is unconditionally sold. It's a great way to sell.
I'm checking other properties and sale prices and auction results/attendance as that will influence what I do with my own when I finally decided to list it for sale. I will definitely use an auction method of sale as the house I'll be selling can be divided into two allotments so is valuable and the buyers will fight over it forcing the price up.
Here, there's no houses for $250-300K. The one day was a standard home in average condition, 3 bedrooms and 1 bathroom and it sold for $813,000. Mine will probably sell for about a hundred thousand more in the current market. I want as much as possible as there's only one chance to get the most.
The open auction must be very thrilling if you are a buyer and for the seller is good too I guess
I converted to euros and it's like 480k for a medium apartment, man that's so expensive, is that in the city center or rural area?