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.

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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:
 
➼ The Elephant in the Room Property Podcast Episode 1: Who is Really Making the Decisions When You Bid at Auction? https://www.theelephantintheroom.com.au/podcasts/1

➼ FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
 
➼ Your First Home Buyer Guide Podcast Episode 127: The Property Blueprint: Experts Decoding State Rules Across Australia (Part 1 - Auctions) https://homebuyeracademy.com.au/podcasts/127
 
➼ Auction Ready: How to Buy Property at Auction Even Though You're Scared S#!TLESS by Veronica Morgan https://gooddeeds.com.au/auction-ready/
 
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
Resources:
 
➼ Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
 

➼ Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au

➼ Work with Veronica: https://www.veronicamorgan.com.au

➼ Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
 
➼ If you have any questions or would like to be featured on our show, contact us at: [email protected]
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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Learn how to buy your first home without making avoidable mistakes.
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  Co-Founders

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

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