Esther was referred to us by her accountant. She was looking to purchase her neighbour’s property, and it was going to be a delicate balance of ensuring the vendor didn’t know who the purchaser was so they didn’t increase their price expectations.
We got involved in week one of the campaign and were ready to put an offer in, but as things progressed, after multiple conversations with the agent, we determined buying at auction was going to give us the best chance to secure this at a reasonable price.
We assessed the property and determined its likely sale price, setting a maximum bid price.
At the auction, we saw seven registered bidders, five of whom bid multiple times. We opened the bidding at the guide price and watched the others whisper amongst each other, determining who was in and who was out, to help us decide the next bid increment.
Our final bid was only $4k more than the underbidder, securing the property well below our client’s expectations.
While nine out of ten times we try to secure a property prior to auction, in this case we made the call to go to auction, and it paid off for the client.
