Aaron - the point is that they shouldn't be speaking or negotiating with anybody on the day of the auction unless that person is looking to place a bid on the day.
At the very least, this is just unprofessional...
1st Home - Apartment in St Kilda
- Thread starter gshaheen
- Start date
Aaron - the point is that they shouldn't be speaking or negotiating with anybody on the day of the auction unless that person is looking to place a bid on the day.
At the very least, this is just unprofessional...
Sorry ghasheen that is not correct. Under the Sale of Land Regulations 2005 (Vic), Schedule 1, the vendor has to negotiate with you after you're the highest bidder:
"If a reserve price has been set for the property and the property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the property."
Nowhere does it say they can't negotiate with anyone else after you've walked away. So unfortunately you've missed out.
Hang on Aaron - they did negotiate with me... I'm not questioning that - Simultaneously, they were walking back and forth to the front of the house to speak to the non-bidder...
Talking to another bidder isn't the same as negotiating. You made your offer of $328k, it wasn't at reserve. Then they told you they think another woman is prepared to pay $340k. That's all there is to it...if you don't meet the reserve, you don't get the property. It's all very simple.
High Horse No Place For Success!
Hi ghasheen
Well, we stood behind you at the Auction today
You were there to buy and for a while it seemed you would be the only bidder. The woman who did bid against you was, like you, only interested at a price
After the property was passed in, the Agents gave you the opportunity to meet the Vendor’s reserve, which was disclosed to you as $340,000. So you were told that the Vendor’s instructions and authority to the Agent were to sell the property for not less than $340,000.
You only have to refuse once, and all bets are off.
As soon as you declined to pay $340,000, the Agent was no longer bound by the undertaking they had given prior to the Auction when the Auctioneer said that they would not accept offers after a knock down bid, and that the highest bidder would have the right to negotiate if the property was passed in.
So the property was not knocked down to you, and they did negotiate with you after the Auction.
You refused, so they could then talk to whomsoever they wanted to . Don’t get up on your high horse and waffle on about ‘unprofessional conduct’. The Agents behaved most courteously towards you and their Principal is the Vendor, not the gaggle of sightseers and would-be purchasers out on the nature strip.
You, and all of us there, had the same opportunity to bid while the Auction was underway. Once the Auction has been closed and the under-bidder has refused their one chance at further negotiations there is no hierarchy as to who the agent can or cannot talk to or who they should talk to first.
So: If you want the property, the Vendor’s asking price is very modest. If you think you can do better for $340,000 well, I am not so sure.
But then again, what would I know? I rather like Chelsea, ‘Melbourne’s Best Beach’ and all that jazz. Seen some amazing growth in the past few years. East Link has opened up the bayside suburbs but when it comes down to the neighbourhood, Swan Walk is a great street, the new Safeway is a cracker, and if you haven’t had cakes from Carvosso’s then you haven’t even scratched the surface of what Chelsea has to offer.
After the Auction, Mike and I had coffee and a sandwich at the RSL in Thames Parade and looked in at another auction (saw the other Swan Walk bidder there, too) however that other property had sold last night for a price which had the vendors swooning with delight.
So we amused ourselves by walking along the beach for a while – with a few hundred other sun seekers enjoying the warm day and soaking up some Vitamin D.
Ghasheen, sometimes you win on the swings and lose on the roundabouts
For a property like this, whatever price you may pay today, the Property will forgive you. You pay $340,000 today when you thought you could bend the Vendor to your will and pay only $328,000. So, tough cheese. In ten years time, will you even remember what you paid for it?
Last time I bought in Chelsea, I paid $1,000 more than the under-bidder. Today, a house 3 frontages along sold for $44,000 more than what I paid, and it, too, is a knock down rebuild job.
Being up on your high horse is no place for a successful person. Save yourself a couple of thousand dollars and lose the deal.
Pay the $340,000 (or maybe, now, you will have to pay $341,000), get the unit, and enjoy your success. Or keep looking. The choice is yours
Cheers
Kristine
Hi ghasheen
Well, we stood behind you at the Auction today
You were there to buy and for a while it seemed you would be the only bidder. The woman who did bid against you was, like you, only interested at a price
After the property was passed in, the Agents gave you the opportunity to meet the Vendor’s reserve, which was disclosed to you as $340,000. So you were told that the Vendor’s instructions and authority to the Agent were to sell the property for not less than $340,000.
You only have to refuse once, and all bets are off.
As soon as you declined to pay $340,000, the Agent was no longer bound by the undertaking they had given prior to the Auction when the Auctioneer said that they would not accept offers after a knock down bid, and that the highest bidder would have the right to negotiate if the property was passed in.
So the property was not knocked down to you, and they did negotiate with you after the Auction.
You refused, so they could then talk to whomsoever they wanted to . Don’t get up on your high horse and waffle on about ‘unprofessional conduct’. The Agents behaved most courteously towards you and their Principal is the Vendor, not the gaggle of sightseers and would-be purchasers out on the nature strip.
You, and all of us there, had the same opportunity to bid while the Auction was underway. Once the Auction has been closed and the under-bidder has refused their one chance at further negotiations there is no hierarchy as to who the agent can or cannot talk to or who they should talk to first.
So: If you want the property, the Vendor’s asking price is very modest. If you think you can do better for $340,000 well, I am not so sure.
But then again, what would I know? I rather like Chelsea, ‘Melbourne’s Best Beach’ and all that jazz. Seen some amazing growth in the past few years. East Link has opened up the bayside suburbs but when it comes down to the neighbourhood, Swan Walk is a great street, the new Safeway is a cracker, and if you haven’t had cakes from Carvosso’s then you haven’t even scratched the surface of what Chelsea has to offer.
After the Auction, Mike and I had coffee and a sandwich at the RSL in Thames Parade and looked in at another auction (saw the other Swan Walk bidder there, too) however that other property had sold last night for a price which had the vendors swooning with delight.
So we amused ourselves by walking along the beach for a while – with a few hundred other sun seekers enjoying the warm day and soaking up some Vitamin D.
Ghasheen, sometimes you win on the swings and lose on the roundabouts
For a property like this, whatever price you may pay today, the Property will forgive you. You pay $340,000 today when you thought you could bend the Vendor to your will and pay only $328,000. So, tough cheese. In ten years time, will you even remember what you paid for it?
Last time I bought in Chelsea, I paid $1,000 more than the under-bidder. Today, a house 3 frontages along sold for $44,000 more than what I paid, and it, too, is a knock down rebuild job.
Being up on your high horse is no place for a successful person. Save yourself a couple of thousand dollars and lose the deal.
Pay the $340,000 (or maybe, now, you will have to pay $341,000), get the unit, and enjoy your success. Or keep looking. The choice is yours
Cheers
Kristine
Wow - what a small world. You should've come up and said hello...
And I'm very impressed at the effort you've gone to here.
Kristine, this has nothing to do with me being up on my high horse. If anything, you can put my questions down to the fact that I have never bid at auction before. I was asking whether or not this was normal practice - I didn't come in with allegations.
Secondly, FYI the vendor did not disclose a reserve price of $340k to me so I am a little bit taken aback that you actually know what the reserve is. When I went inside to negotiate the agents advised me that the reserve was "around 350k". May I ask how you were able to get this information?
Hello gshaheen
Sorry, I misread your statement
...They played me off against her saying that she would offer $340k vs my $328k.... I took that as that the Agent had said that the Vendor would accept $340,000 – my apologies, this error was due to me misreading your post. I have no idea what the Vendor’s Reserve Price is.
I bid at an auction once, and after quite a few bids going backwards and forwards, the wife of the other bidder called out to the Auctioneer ‘How long is this going to go on for?!?”
He paused, and then said: “Madam, this is an Auction. This is what happens at Auction. This will go on for as long as it takes to establish a clear winner!”
I paid $100 more than the under-bidder at that auction. I had gone to that auction just to look, had no finance organised and ended up walking home with the prize somewhat puzzled as to what I would do with it.
I have read your various posts this week. I know how hard it can be to make up your mind to buy. I went to the Swan Walk auction because you had published the weblink – we were going to the other auction in the afternoon but came early for the Swan Walk event. Of course, I wouldn’t come up to you because I had no idea that the tall, dark and handsome young man doing the bidding was you!!
But my point is: It takes a long time to find a property we can imagine buying, imagine eating in, imaging sleeping in. Buying a property is not just a financial decision but an intensely personal one on many levels.
Swan Walk reminds me of Green Street, Ivanhoe where I bought my first home back in 1976. I could see myself living quite comfortably in Swan Walk (blue kitchen, and all!) and I guess what I am saying to you is:
You have taken the trouble to go and inspect quite a few properties. You missed out on the St Kilda apartment. You were interested ‘enough’ to go to Chelsea and to stand in the street and put your arm in the air for this unit.
Do not let your feelings of being ‘had’ (in whatever way you may somehow think that you have been treated less than respectfully) get in the way of buying a good quality property at a reasonable price in a respectable neighbourhood and in what, it turns out, is a nice, quiet, leafy street.
You gave it a go, you have tried to get a bargain. Now, just buy the property. Ask the Agent – What will the Vendor sell it to me for?
You may be quite surprised at what they would actually sell for. If it is $340,000, great! If it is $350,000 or even more than that, well, as I have commented, property forgives us, and while it is forgiving us, we can just get on with our lives.
Mike and I bought in Chelsea two years ago and two years later we are still discussing the plans and still trying to find a builder interested in the deal! In six months, I cannot see us being any further ahead. At least, if you buy this unit in Swan Walk, you could be living there by Christmas and going for a swim off the beach each morning the whole summer through!
Sometimes, we just need to take some action and after that, we have broken through the invisible barrier between our 'now and our 'then'.
And a couple of thousand dollars - or so it seems to me - is not sufficient reason to not proceed if the property ticks all the other boxes
Cheers
Kristine
Sorry, I misread your statement
...They played me off against her saying that she would offer $340k vs my $328k.... I took that as that the Agent had said that the Vendor would accept $340,000 – my apologies, this error was due to me misreading your post. I have no idea what the Vendor’s Reserve Price is.
I bid at an auction once, and after quite a few bids going backwards and forwards, the wife of the other bidder called out to the Auctioneer ‘How long is this going to go on for?!?”
He paused, and then said: “Madam, this is an Auction. This is what happens at Auction. This will go on for as long as it takes to establish a clear winner!”
I paid $100 more than the under-bidder at that auction. I had gone to that auction just to look, had no finance organised and ended up walking home with the prize somewhat puzzled as to what I would do with it.
I have read your various posts this week. I know how hard it can be to make up your mind to buy. I went to the Swan Walk auction because you had published the weblink – we were going to the other auction in the afternoon but came early for the Swan Walk event. Of course, I wouldn’t come up to you because I had no idea that the tall, dark and handsome young man doing the bidding was you!!
But my point is: It takes a long time to find a property we can imagine buying, imagine eating in, imaging sleeping in. Buying a property is not just a financial decision but an intensely personal one on many levels.
Swan Walk reminds me of Green Street, Ivanhoe where I bought my first home back in 1976. I could see myself living quite comfortably in Swan Walk (blue kitchen, and all!) and I guess what I am saying to you is:
You have taken the trouble to go and inspect quite a few properties. You missed out on the St Kilda apartment. You were interested ‘enough’ to go to Chelsea and to stand in the street and put your arm in the air for this unit.
Do not let your feelings of being ‘had’ (in whatever way you may somehow think that you have been treated less than respectfully) get in the way of buying a good quality property at a reasonable price in a respectable neighbourhood and in what, it turns out, is a nice, quiet, leafy street.
You gave it a go, you have tried to get a bargain. Now, just buy the property. Ask the Agent – What will the Vendor sell it to me for?
You may be quite surprised at what they would actually sell for. If it is $340,000, great! If it is $350,000 or even more than that, well, as I have commented, property forgives us, and while it is forgiving us, we can just get on with our lives.
Mike and I bought in Chelsea two years ago and two years later we are still discussing the plans and still trying to find a builder interested in the deal! In six months, I cannot see us being any further ahead. At least, if you buy this unit in Swan Walk, you could be living there by Christmas and going for a swim off the beach each morning the whole summer through!
Sometimes, we just need to take some action and after that, we have broken through the invisible barrier between our 'now and our 'then'.
And a couple of thousand dollars - or so it seems to me - is not sufficient reason to not proceed if the property ticks all the other boxes
Cheers
Kristine
