Buyers And Sellers Beware

Avoca Beach, New South Wales Australia (PressExposure) May 10, 2007 -- Nicky Price today launched a new blog on Property Auction Advice. Many Real Estate Agents have always known the worst method of selling your home is by Auction, yet they still encourage this method of sale. Whilst a negative outcome is not always the case there are many issues that should be considered before one agrees to sell or buy using the auction method.

Thousands of dollars can be saved by using other methods of sale, for example, private sale, selling through an agent and multi-listing. Sellers should always consider the costs involved in auctioning before signing on the ‘dotted line.’

The cost of advertising ones property and auctioneers fees can run into the thousands. Thousands of dollars that are still payable even if the property is ‘passed in’ or buyers are unable to attend the auction on the particular day. Local Agents have also been quoted as saying ‘recent properties gone to auction have sold over the reserve price.’ The reserve price is the lowest price the owner would sell for so it stands to reason the property should sell above the reserve price.

Buyers should also be aware of the pitfalls of buying at auction. Agents are known for under-quoting potential buyers at auction and over-quoting the sellers.

Buyers at Auctions also need to be aware of the infamous “Dummy Bidder.” Estate agents deny this practise but it has been proven many times. The dummy bidder is at he auction to drive up the price of the property. Therefore, the buyer may end up paying thousands of dollars more for a property because of the fake bidding.

The newly launched Auction Aware blog provides important information to potential buyers and sellers at Auction. In particular it covers the most essential elements that must not be overlooked when purchasing or selling at Auction including: fees, dummy bidding, passed in properties, under and over quoting, and sellers being ‘conditioned’ into accepting a lower price.

To learn more, please visit the website: ###

About Nicky Price

Nicky Price writes on - auction aware, real estate investment advice, water conservation and oz body oils.

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Press Release Submitted On: May 10, 2007 at 4:46 am
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