In the past, we’ve run through why using a buyer advocate to buy property is a great option to save time, open yourself to off market opportunities and purchase property without too much emotion driving you. But when it comes to auctions, this is where buyer advocates are worth their weight in gold.
Everyone has either seen or heard of auctions getting out of control and property prices selling well above the vendor’s reserve price. If you’re not just spectating and actually bidding to buy you home, being an under-bidder in these situations is usually a god send because you just saved yourself on majorly over-capitalising on a property and either being in a bad position when the market turns or having to hold on a decade for the next uprise. In these situations, you want a professional in your corner who is there to help you make some better decisions.
By not having a vested interest in a property and always remaining objective to the situation. A buyer advocate can also provide you with all the data for you to set a strong, but not silly, budget and help you get a better understanding on what true market value is and how far over you should go if it came to that. The other thing to always bear in mind, is that a buyer advocate is usually an ex-agent and knows how to work an auction in their favour. They can read other interested parties better than most people and most of all have great auction tactics which may not just win you a property, but even get it cheaper than you expected.
All in all, for the fee you pay a buyer advocate, you either save money in the overall budget or save money by not over-capitalising. If you haven’t considered hiring a trained professional to help you purchase property, it may just be time to start doing some more research into these beings and look maybe speaking to a few to see how much they can save you.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.