REIV research has also revealed that there has been a change to the number of properties passed in on a vendors bid, sold before the auction and sold immediately after the auction.
In 2007 the proportion of homes auctioned that were passed in on a vendors bid was 11 per cent compared, this year the figure has risen to 23 per cent. The number of homes sold before the auction has reduced from 19 per cent last year to a current figure of 15 per cent. The number of properties sold after the auction has reduced slightly from 3 per cent last year to 2 per cent.
Given this it is important to remember that if the property is passed in, the owner through the agent or auctioneer will first negotiate exclusively with the highest bidder.
If you wish to purchase property the auctioneer announces the property is going to be passed in, it is a good strategy at this point to make sure you are the highest bidder to secure the option to negotiate with the vendor.
Once the property’s passed in, if you make a higher bid, the auction will not re-opened, the auctioneer can’t re-open the auction to accommodate a late bid and override the right someone else has secured ahead of you.
Accordingly, if you are genuinely interested in purchasing the property, you should ensure that your bid is the highest, even if the auctioneer has advised that the property is going to be passed in.
If interested in learning more about this update please contact me today!
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