Many buyers have told me throughout my real estate career of how they hate auctions and will not participate in the process. Within the inner city market where many properties go to auction, these buyers stand to miss out on many properties. There are actually many positives reasons why auctions are great for buyers, not just the vendors!
Auctions provide buyers with a date that they can work towards, allowing them plenty of time for due diligence on the property. When attending open homes, buyers can also gage whether or not there is plenty of interest in the home, purely by seeing if other buyers are attending the open homes and wanting to talk to the marketing agent further. If a buyer also falls in love with the property, they can also approach the managing agent to purchase the home prior to the auction.
The most important fact though about auctions, is that it brings out all the buyers into the open, so you can see your opposition and know who you are bidding against for the property, enabling for a safe and transparent purchase.
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