{"id":5817,"date":"2015-09-18T08:45:44","date_gmt":"2015-09-17T22:45:44","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5817"},"modified":"2015-09-18T08:45:44","modified_gmt":"2015-09-17T22:45:44","slug":"stop-being-an-auction-loser-john-mcgrath","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/stop-being-an-auction-loser-john-mcgrath\/","title":{"rendered":"Stop being an auction loser &#8211; John McGrath"},"content":{"rendered":"<p><strong>Roughly 30% of homes scheduled for auction are sold prior to the big day.<\/strong><br \/>\nFor the buyers who were preparing for the auction this can lead to immense disappointment and frustration.<br \/>\nSo how do you get ahead of other buyers?<br \/>\nIn his recent column in <a href=\"http:\/\/switzer.com.au\/the-experts\/john-mcgrath-property-expert\/dont-miss-out-on-homes-sold-prior\/\" target=\"_blank\" rel=\"noopener noreferrer\">Switzer<\/a>, John McGrath gives some tips on how to snag that hot property before someone else does.<\/p>\n<h4>Here&#8217;s what he had to say:<\/h4>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright\" alt=\"John Mcgrath\" src=\"https:\/\/i0.wp.com\/puassets.s3.amazonaws.com\/wp-content\/uploads\/2015\/07\/JohnMcgrath-e1436853066209.jpg?resize=311%2C243\" width=\"311\" height=\"243\" \/><br \/>\nIt\u2019s one thing to miss out on a property because it sold above your budget.<br \/>\nThat is a reality for many of us.<br \/>\nBut it\u2019s an entirely different and much more frustrating situation when you miss out on a property that you wanted to bid on, but it sold prior to auction without you even knowing.<br \/>\nIn Sydney, recent auction results published by the Domain Group show about 30% of properties scheduled to go under the hammer sold prior to the event.<br \/>\nIf you want to buy this spring \u2013 especially in a boom market like Sydney, you have to be prepared to act faster than the typical three or four weeks that a standard auction campaign provides.<br \/>\nThe only way a property is going to sell prior without you knowing is if you don\u2019t tell the agent you\u2019re interested. You have to make this known in order to be included in pre-auction negotiations.<br \/>\nThese negotiations can happen very quickly \u2013 often within 24 hours, especially if the buyer who makes the first offer puts a deadline on it.<br \/>\nIn these cases, agents don\u2019t have time to call 200 people who might be interested in the home, they\u2019re just going to talk to people they know are interested in the home.<\/p>\n<h4>Here are my top tips to ensure your dream home doesn\u2019t sell prior without you:<\/h4>\n<p><strong>1<\/strong>. In a hot market like Sydney, you need to tell the agent you\u2019re interested as early as possible.<br \/>\nCall them as soon as the property is advertised and even before the first public open.<br \/>\nThis is important because odds are, the agent already has buyers interested in the property BEFORE it is advertised online (first notification often goes to database buyers; clients of professional buyers\u2019 agents; and buyers that the agent knows personally from previous dealings on similar homes).<br \/>\nReceiving offers before the first public open is not uncommon in boom markets, so call the agent right away.<br \/>\nThere\u2019s no commitment, all you\u2019re doing is flagging serious interest and asking to be kept informed if an offer is made<br \/>\n<strong>2<\/strong>. Make sure you have a very strong handle on what your property type is worth so you can make an offer quickly if you want or need to do so.<br \/>\nMost buyers are seeking one type of property but are willing to buy in several neighbouring suburbs.<br \/>\nThe price differential between suburbs can be significant for many reasons, including the suburb\u2019s reputation, school catchment zones, proximity to transport etc.<br \/>\nYou can research fair market value by looking at recent sales online.<br \/>\nBear in mind that in boom markets like Sydney, sales data that is more than a couple of months old is already out of date.<br \/>\nDon\u2019t expect to pay in September what you might have paid in March!<\/p>\n<h4>Why do properties sell prior?<\/h4>\n<p>Here are a few reasons why properties sell prior to their scheduled auction date.<\/p>\n<ul>\n<li>Towards the end of a boom period, many buyers who have been in the marketplace for a long time are very fatigued and really want to get a deal done.<br \/>\nSo they make strong offers quickly in an attempt to remove the property from the market fast.<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-thumbnail wp-image-2698\" alt=\"Property-Auction-Results_700_600_4SX0E\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2014\/10\/Property-Auction-Results_700_600_4SX0E-e1414464271916-150x150.jpg?resize=150%2C150\" width=\"150\" height=\"150\" \/><\/li>\n<li>Properties may sell prior when there is only one buyer.<br \/>\nIt makes no sense to go through to auction when there is only one genuine buyer interested.<br \/>\nThis scenario is far more common in slow markets.<\/li>\n<li>The vendors might be in a hurry.<br \/>\nSometimes they don\u2019t particularly want to wait three or four weeks until the scheduled auction.<br \/>\nThey tell their agent they want to sell as soon as a certain price is offered.<\/li>\n<li>Finally, there might be lots of buyers interested in a property, but only one of them is willing to pay significantly more.<br \/>\nFor example, if an agent has five buyers and four of them are in the early $800,000s and one of them is at $900,000, it makes no sense to go to auction.<br \/>\nThe lower budget buyers are likely to stop bidding at $850,000 or $860,000, which won\u2019t push the best buyer to their maximum budget of $900,000.<br \/>\nYou\u2019re far better off negotiating with that one outstanding buyer prior to auction.<\/li>\n<\/ul>\n<p><strong> So remember, talk to the agent and make it clear that you\u2019re seriously interested in the home.<\/strong><br \/>\nSpecifically state that you want to be kept informed if offers are being considered prior to auction.<br \/>\nGood luck!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Roughly 30% of homes scheduled for auction are sold prior to the big day. For the buyers who were preparing for the auction this can lead to immense disappointment and frustration. So how do you get ahead of other buyers? In his recent column in&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":1734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Stop being an auction loser - John McGrath - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/stop-being-an-auction-loser-john-mcgrath\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stop being an auction loser - John McGrath - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Roughly 30% of homes scheduled for auction are sold prior to the big day. For the buyers who were preparing for the auction this can lead to immense disappointment and frustration. So how do you get ahead of other buyers? In his recent column in...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/stop-being-an-auction-loser-john-mcgrath\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-17T22:45:44+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Stop being an auction loser &#8211; John McGrath\",\"datePublished\":\"2015-09-17T22:45:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/\"},\"wordCount\":815,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Latest Stories\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/\",\"name\":\"Stop being an auction loser - John McGrath - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2015-09-17T22:45:44+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/stop-being-an-auction-loser-john-mcgrath\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Stop being an auction loser &#8211; John McGrath\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. 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