Tomorrow is the auction where our Waikawa Beach house may not sell.
We met with the auctioneer and estate agent to discuss the reserve price and what happens next.
We can expect offers though within the next two weeks. Apparently this is normal — Selling a house at auction:
If the property fails to sell it is “passed in”. The sale can continue through negotiation with a buyer either on the day or in the following days with many sales completed within 24-48 hours.
All a bit nerve-wracking …
@lmika Thank you! We have Plans B and C, just in case. Luckily we don’t have to sell it finance the new build, but things could get pretty tight…
@Kalena Thank you! We have a link to watch the auction live — apparently most interested parties aren’t actually in the room.
@Miraz good luck .. hope it works for you. Have to say I absolutely hate the disposition NZ has to house auctions .. horrible things IMHO
@JohnPhilpin Thanks John. Our agent has been working in this wider area for 3 decades and knows his stuff. He thinks auction is right for our property.
@Miraz I am sure he is right .. and that he knows what he is doing - it’s the emotional wear and tear on the people buying and selling property that costs orders of magnitude more than their annual income being forced to make split second significant financial decisions to pay more or bow out of the competition to get somewhere to live. That’s what I don’t like. It’s a system that seems to favor the insiders. Developers, flippers and other professionals and not the people actually buying and selling the property.
@Miraz That’s interesting. Maybe you’ll have many more interested parties than it appears then! Best wishes!
@JohnPhilpin Fair enough! I think though that for most regular folks buying and selling property is enormously stressful whatever the format of the transaction. When we sold our Wellington place people provided bids in writing. Many included kids stories and drawings about how they wanted to live in that place in an attempt to influence our decision. The hard fact was that the dollar amount won out…
@Miraz absolutely - total agreement - my problem is that it’s forcing you into split second agreements over a massive purchase - you can still invite offers - accept highest bid - repeat but say in next 24 hours - talk it over - think - then decide - that’s all I am questioning - unneeded pressure - that’s all.
I spend more time in a pharmacy trying to remember which toothpaste I need!
@JohnPhilpin I don’t see why ‘split second agreements’ comes into it. It’s a huge purchase. You have to go into it after detailed investigation and then an analysis of what funds you have. You must walk in knowing that you can spend a maximum of $Y. The only decisions you then have to make are your strategies for bidding. The moment bids reach $Y+1 then you’re out of the race.
