Thinking of buying off-plan?
Q: We are about to put our home of twenty years on the market and are considering buying an apartment in the city off the plans. The block we are looking at will be finished in another 18 months so then we can decide whether to move in for a while or rent it out. What are your thoughts on buying off the plans and what are the risks? Julie & Bryan K. A: Interestingly our partner company Loan Market recently published an article on this, s…
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What is a Multi-Offer?
Q: I put an offer on a property last week but was told that my offer was rejected in favour of one through another agent. Isn’t there some process to protect the buyer when two offers are received at the same time? Peter T. A: This is what we call a multi-offer and the REINZ recommends a process to be followed in these cases. This process is intended to provide all interested parties with a fair opportunity to submit their best offer. First…
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No buyers at your auction?
Q: Our home goes to auction in another week. We’ve had lots of people through the open homes but our agent is saying that he doesn’t think he has anyone interested. How can this happen – if so many people see the advertising and come to the open home shouldn’t there be at least one buyer? Jodie R. A: Excellent question Jodie! This is not that unusual –, especially in the current market. In past years we would expect one bidder f…
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What's Social Proof?
What's Social Proof? We are often asked about how auctions work, and what makes a good auction so thought we would share the following article that we wrote for another publication: Have you ever wondered about the psychology of auctions? Have you heard of “social proof? If you understand it you can use it to your advantage. If you attend any auction across Auckland there’s a good chance you’ll see the following scenario play out – Auctio…
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