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  • How to regroup after auction day disappointment

    How to regroup after auction day disappointment

    It’s enough to break you. You’ve done the research, set your game plan and prepared everything to secure your dream home at auction. You have probably even started thinking about the house-warming party!

    And then it’s over. You missed out on your dream place because someone else came in with a slightly higher bid.

    Here are my quick tips to regroup and get you back in the game.

    1. Revise your research and planning

    Ask yourself:

     

    • Have you effectively completed your research and is your budget competitive for the area and the properties you are looking to purchase?
    • If you have kept a track of past sale prices and your bids, did you fall short by 5%, 10% or more? What is the average shortfall of your bids?
    • Am I looking at comparable homes to when I first did my research?
    • How much time has lapsed since I first did my research and planning?
    • Can I afford to increase my budget and how will this impact on my finances and lifestyle?
    • What types of buyers am I competing against? Are you bidding against developers or investors, for example?

     

    2. Recheck your auction day game plan

    Did you get involved in the auction or did you hang back and wait until it was on the market?

    Assuming that your research, budget and expectations are current and the analysis is accurate, then your successful property purchase is still ahead of you.

    The thing on your side is that new properties are constantly coming on the market so it is important that you register your interest with all the local agents and let them know that you are ready and able to purchase. Don’t present yourself as a desperate or frustrated buyer, rather as an informed and interested potential purchaser.

    Local sales will always get other home owners thinking too, so it may be a good idea to contact owners of neighbouring properties with a polite letter to introduce yourself as a potential buyer in the area. This is particularly relevant with apartments and properties where there is some direct comparisons to the sold property.

    Most importantly, don't give up, be determined and show persistence as the current property market is very competitive. You need to show commitment and be quick to get back on the horse.

     

    About the author

    • Frank Valentic

      You have seen Frank bidding at auction on the hit television show, The Block over the last five seasons and have witnessed his competitive instincts and energetic nature first-hand, joining The Block as a regular weekly Buyer’s Advocate judge in 2015.

      Away from the television cameras, Frank is the Director of Advantage Property Consulting and is considered to be one of Australia’s leading Buyer's Agents and Vendor's Advocates. Frank has now teamed up with The Great Australian Dream as the series Buyer’s Advocate to show viewers the many tricks and tactics to purchasing the right property at the right price.

      Frank Valentic
     

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.