| You can save a lot of cash by doing some | | | | on the other side of the street it is only $750,000. |
| research and learning a little about housing and | | | | Why because one side of the road has sea views. |
| perhaps auctions and land values. | | | | 3. Be careful of homes that back on to a park or |
| 1. If you want to buy at auction, attend a few | | | | have an easement running along the back |
| first; get the feel for the way they work. In hot | | | | alignment. These areas while appearing to offer |
| markets the bidding can be furious, but remember | | | | extra privacy are a greater security risk and your |
| not all bids are genuine. Some states allow vendor | | | | insure mar require extra security measures. |
| bidding, this is an agent bidding up the price to try | | | | Check your local authority for historical water |
| and get some momentum going. | | | | levels. Has the property ever flooded. Don't let |
| Be very clear about exactly how much you will | | | | looks fool you. The peak height of most floods |
| spend, and ensure you have your bank finance in | | | | are beyond the comprehension of the untrained |
| place, because when you enter into an auction it | | | | eye. One property we owned had a water |
| is legally binding. You can't be the highest bidder | | | | easement behind the property. It was 30 yards |
| and then change your mind. | | | | wide and 1 yard deep. We felt secure until it filled |
| In a slow market the auction process can give | | | | the first time we had torrential rain. All that saved |
| you a sense of how low the vendor is prepared | | | | us was that the water ran away quickly and |
| to go. In these markets most houses are sold | | | | never broke its banks. |
| after the auction. | | | | 4. Have the property alignments properly |
| 2. Know the area and the mean price (average | | | | surveyed if the boundary pegs are not present or |
| price) of real estate. If you can find a house in | | | | if you have any doubt about the accuracy of |
| reasonable condition that is well under the mean | | | | their location. A buyer recently spent $4,000,000 |
| value, you are likely to have a good deal as long | | | | on a beautiful rural property only to discover later |
| as the property is sound. | | | | that the expensive gates and front fence where |
| It does require some research to be clear. E.g. in | | | | outside his property and the water course was a |
| one stress in our area the mean value on one | | | | council easement. |
| side of a particular stress is about $1,100,000 but | | | | |