What is a Professional buyer?
Alf Petito is an experienced real estate professional who acts and negotiates in the best interest of the buyer at all times. Remember, the selling agent may be friendly and helpful, but he or she is paid to act in the best interest of the seller, not you the buyer.
Alf represents property buyers throughout the purchasing process, namely;
bidding at auctions, negotiating and advising buyers, giving property buyers the best chance of getting what they want at the right price.
He has successfully purchased many properties for clients, saving them time, money and unnecessary frustration; his sole focus is to negotiate the best possible outcome for the buyer client.
As past clients will attest, it’s a totally different experience having a professional buyer on your side.
Why Buyers are disadvantaged when they bid at Auction?
Like any other competition, success favours the well prepared. Aside from other buyers, one must not forget that your competition also includes the selling agents and the auctioneer, who are experienced negotiators, determined to extract every possible dollar from you, the buyer and they have something you want.
You might say, I have set a limit and am not going to go above that limit, so I'll be fine ! But are you really giving yourself the best chance of winning the property you want ? How many times have I seen buyers up their limit and keep bidding or negotiate upwards when they did not have to.
The fact of the matter is, emotions play are a large part of how we operate, specially when we are making a big purchasing decision like buying a home or a car. When you combine these emotions with the fear that you might miss out on something you really desire, this makes us vulnerable and susceptible to, either making the wrong decision or getting carried away. It's so easy to miss out, only to be bitterly disappointed, despite your best efforts.
Give yourself the best chance of winning the home you want and engage Alf Petito to bid for you. It's value for money and there's no pressure or stress on you. If you don’t, someone else will, then imagine yourself bidding against an experienced negotiator, determined to be satisfied with only one outcome, Victory on Auction day !
Why use a professional to bid and negotiate for you?
The Auction Ring – what can happen to you!
In over 20 years of representing buyers, I have seen many unfortunate things happen at auctions and here are some examples.
I have seen buyers:
- who were poorly prepared and miss out because of it;
- bid against themselves unknowingly;
- not bid at all, despite every intention of bidding;
- get carried away and bid well above their limit, when they did not have to;
- buyers with unrealistic price expectations, yet would have paid more had they known it was worth it;
- others walk away convinced that the successful bidder paid too much;
- find themselves negotiating as the highest bidder and then pay more than necessary;
- miss out on more than one property, only to get carried away at the next auction;
- get a friend to bid on their behalf and put that friendship at risk;
- walk away bitterly disappointed, yet some professional help would have made all the difference.
The Auction Process - before the auction and on the day of auction
An auction is a public competition; buyer vs buyer vs selling agent vs auctioneer vs seller.
The agent must make a Vendor's Statement (Form 1 - information about the purchase that must be legally provided to the purchaser) available to the public for at least three working days before the auction and on the day of the auction for at least 30 minutes before the auction begins. These legal documents can be daunting to read and understand and having a trained eye look over them before the auction will put one’s mind at ease and alleviate any uncertainty.
The seller is required to set a reserve price prior to the Auction, an acceptable price below which they do not wish to sell. It may be a realistic reserve price in which case if you like what's on offer, the chances are someone else will too. The reserve price might be quite unrealistic; in either case having a professional on your side to fight for you and to convince the seller becomes invaluable.
As a buyer you are required to register your interest either before the auction or on the day of the auction, where you will be given an identifying bidding number. Auctioneers can during an auction sale legally make as many as 3 bids on behalf of the vendor and they use this opportunity to great effect to inflate the selling price. Make no mistake, an auction is a serious competition usually involving hundreds of thousands of dollars and one you need to know how to handle.
A skilled negotiator has a much better chance of ending up in front. Not every property sells at Auction and having a professional negotiator on your side at the right time can dramatically improve the result in your favour.
Experience is invaluable in these situations and it stands to reason that one has to not only be competitive but confident and also willing to take some risks.
All registered bidders must be provided with a copy of these documents:
- the bidder's guide 27.3 KB (form R4 - more detail on how to register to bid, identification required and rules of an auction sale)
- the collusive practices statement 17.6 KB (form 5 - warning against interference with process of open competition)
- the buyer's information notice 28.0 KB (form 3 - important issues to take into account when assessing and buying property; regarding safety, enjoyment and value)
NB: If the property is sold, the contract of sale needs to be signed and the deposit paid as soon as the auction has ended. Buyers ARE NOT entitled to a cooling-off period if the property is sold either at auction or on the day of the auction.