Blueprint Realty-Making Property Auctions Sexy Again
Blueprint Realty is a property group with a purpose, and we're on a mission-to make property Auctions sexy again. Not because they aren't sexy, but because there are many preconceived ideas, negative perceptions and misunderstandings around Auctioning-and as valued clients of ours, we really don't want you to miss out!
We understand that buying or selling a property is likely one of the largest financial transactions you'll make in your life and you want to make sure you're making the right decision! That's why we offer our clients the opportunity to buy or sell property the conventional route, or through Auctions...all under one 'Blue Roof'.
Most people know how to buy or sell property the conventional way, but not through Auctions, so we've compiled the most frequently asked questions, common myths and steps on how to buy property on Auction to help you.
Frequently Asked Questions:
- Are people who sell their property on Auction desperate or bankrupt?
Not at all, and this is a common misconception. Real estate auctions, in general, are just another way to market a house and generate interest in the property, as you would any other method. Also, over 60% of residential properties in Australia are now sold at auction, with similar trends mirrored in the US, UK, and Europe.
- If I sell my property on Auction, will I get a fair value for my home?
The age old question: how much is my property worth? This is the question that every seller asks. The answer is simple: it's the amount that someone is willing to part with to own the property.
Selling a home can have huge impact in a person's life: sell to the first offer, and perhaps you left money on the table or pass up the opportunity and it could sit on the market for months.
But thanks to property auctions, there is another way. In this way, your property is put in front of a pool of serious, qualified buyers, and they decide what its true value is.
- What if the Auction doesn't reach my asking price?
You are not obligated to accept an offer that is below your asking price. You can either sign a counter offer, look at other offers, or re-list the property for the next auction.
- Do I need cash to buy on Auction?
You do not need cash to buy on auction. You may come to an Auction with a qualified bond in order to know your buying power, otherwise we also provide bond approvals on the day of the auction
Common Auction Myths:
Myth: All homes at auction are foreclosed or unlivable.
Busted: While some homes at real estate auction are foreclosed or distressed, this is not true of many homes. Many home owners are selling through auction for convenience and efficiency. Auctions are attracting serious buyers, giving home owners a chance to sell their property for the true value that the market dictates.
Myth: If I sell my home at auction, I will spend more in commission than if I hire a realtor.
Busted: Commission is paid by the buyer, not the seller. The buyer will pay a market related, usually between 5-10%, auctioneers commission.
How to buy a property on Auction:
Step 1: Contact Blueprint Realty to find out which properties are being offered in the next auction and set up a time to view the properties or attend the open viewing.
Step 2: Ensure your finance is sorted before attending the auction, finalize your budget and decide on your maximum bid.
Step 3: Pay a refundable deposit of R10 000 to obtain a bidders card. If you win a bid, you will pay 10% on the fall of the hammer - If you don't have any winning bids your deposit will be refunded.
In the case that you have a winning bid and have paid the 10%, the seller has 72 hours to either accept or decline the offer.
Step 4: Arrive at the auction and when your chosen lot comes up, bid on the property. If you have won the bid, the auctioneer's hammer will go down and he will confirm that you are the successful buyer.
Author: Blueprint Realty