Auction in Canberra

Hi All

I am new to this site, I have been reading for about a year and am in need of some advice...

I went to auction on a property in Canberra on Saturday, I was the only registered bidder. There were no bids on the day and the property was passed in. Now, as the last man standing, I think I have the right to negatiate....the agent told me that the auction conditions finished at 12pm on Saturday night, I thought I had 3 days during which auction conditions applied....(any help would be appreciated)

I feel like I am being played by the agent, as they said that after the auction there was a couple sniffing around, but they didn't register so couldn't bid...I think the agent is trying to keep me on ice until after the auction lapses and then will put an offer forward from the other people...

Anyway, what I want to know is what can I do? what rights do I have...how do I play this out???

thanks for your help!

cheers
housebuyer
 
I went to auction on a property in Canberra on Saturday, I was the only registered bidder. There were no bids on the day and the property was passed in. Now, as the last man standing, I think I have the right to negatiate
No, you are incorrect. If you had been the under-bidder i.e. made a bid that was below the reserve but the highest bid on the day, THEN you would have had the right to negotiate.

the agent told me that the auction conditions finished at 12pm on Saturday night,
The agent is correct

I thought I had 3 days during which auction conditions applied....(any help would be appreciated)
No. Where are you getting this idea from? :eek:

Anyway, what I want to know is what can I do?
Well the property will go back on the market presumably and you can buy it as a private treaty sale - just normal offer & acceptance.

what rights do I have
None in relation to the auction.

Sounds like you can negotiate but you may (or may not) have some competition.

All the best homebuyer :)
 
Propertunity has pretty much covered it.

You did not bid at the auction so any "rights" you may have had as the highest bidder did not occur. You aren't "the last man standing" as you never stood up.

If you want the property, go back to the agent and open negotiations.

The agent won't know you are interested if you don't tell him/her. As you registered to bid but did not, then as far as the agent is concerned you are probably a sightseer.

Why didn't you lodge a bid (even a very low one) at the auction if you are interested in the property?
Marg
 
cutting through the crap, just ask the agent if the owners want to sell!!!
rather simple if you ask me , if they do? ask what do they expect for this home, and yes he is playing you thats what they do???????:rolleyes:
 
Thanks propertunity and craigb

I didn't bid at the auction as I actually wasn't ready to sign a contract (getting $$ in order).

I put in an offer on the day after the auction (640K). They rejected and didn't come back with a counter offer, vendor wants 700K

Vendor is unrealistic about the price, so if they won't counter I guess there is no negotiations!

any insight appreciated!! (but please avoid the 'you should know better' type comments, as obviously if I was more knowledgeable I wouldn't be here asking for advice!!
 
not sure about what a valuer would put on this property, most recent comparable sale was 660K (3 months ago)...but had a much better outlook.
Agent says that Canberra has grown 10% in the last quarter (unable to confirm this).

thoughts??
 
Agent says that Canberra has grown 10% in the last quarter (unable to confirm this).thoughts??

You need to have this confirmed :) That will make your next move clearer. I would not be surprised - parts of Sydney have had that much in the last Qtr.

Sorry I only have data for NSW.
 
not sure about what a valuer would put on this property, most recent comparable sale was 660K (3 months ago)...but had a much better outlook.
Agent says that Canberra has grown 10% in the last quarter (unable to confirm this).

thoughts??

Take your allhomes research to him and ask him for help on what a reasonable figure is.

Then see whether his help is useful.

He may have a good argument that you should listen to. He may not. But talking a little more will help calrify this.

Jas
 
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