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You probably mentioned above, but what ar the conditions you are wanting to put on your offer? Cheers, The Y-man

Is this going to be your own home? 460+, you might think the vendor is expecting mid fives... Cheers, The Y-man

Actually I need to get clarification on this - so far all I can see is that there is no COOLING OFF PERIOD, but does not say anything about conditions, other than SALE AT AUCTION...

If I were the vendor, I would not consider your offer unless the property is passed in. To a vendor (in this market) a conditional offer is as good as a verbal one - i.e. not worth anything. A pre-approval letter is unfortunately also not worth the paper it is printed on to a vendor...

Put yourself in the vendor's shoes: 1. Your offer is verbal and not binding 2. a bid at an auction (even if lower than yours) is binding. The Vendor will of course go to the binding one, so long as it is in the price range they want. You may find that the agent will get back to you...

The vendor can accept / reject bids at their discretion. Is your offer presented on a signed contract? Cheers, The Y-man