Private sale or auction which is better for buyers?

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WITH prices softening, buyers scent their opportunity. But is it better to buy at auction or by private sale?

Ian James, of JPP Buyer Advocates, says both methods have pros and cons for the uninitiated and much depends on the market.

“Go to auction if you think the property will go low but not if you think it’ll go high. If you can secure a fair and reasonable price prior to auction, you should do so. If the vendor’s expectation is too high, you’ve got to go to auction. On auction day the vendor will get a reality check. In a flat market, fair and reasonable is a bit lower.”

Mr James says the auction is a level playing field for buyers and gives them a chance to gauge the competition before buying.

Click here for the rest of the article (Source: Angie Bake Properties Website)

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