Deducing sold price from vendor bids

[DennisLeung]

Hey guys,

I have a question about vendor bids.
There is a situation where a unit was put to auction and I am trying to find out the price it sold for from the information the agent has provided. The agent states that the starting price was 240 - 250K and a vendor bid of 290K was made during the auction. I am now looking at an identical property (being sold by the same auction) and it is being offered for sale (not by auction) for over 305K.

Using such information and keeping in mind the two units are identical, can we deduce or come close to estimating the sold price of the unit put to auction?

Thanks

 

[monalisa]

Hey guys,

I have a question about vendor bids.
There is a situation where a unit was put to auction and I am trying to find out the price it sold for from the information the agent has provided. The agent states that the starting price was 240 - 250K and a vendor bid of 290K was made during the auction. I am now looking at an identical property (being sold by the same auction) and it is being offered for sale (not by auction) for over 305K.

Using such information and keeping in mind the two units are identical, can we deduce or come close to estimating the sold price of the unit put to auction?

Thanks

How long ago was the auction?

 

[DennisLeung]

About 3 weeks ago now

 

[travelbug]

Bit difficult bacause lots of people aren't in a position to buy at auction so just because the other one was passed in doesn't mean it wasn't worth more. Ring the agent of the first one and ask if it's sold. It may have sold after auction when the auction conditions have lapsed. Then you'll know.

Sometimes things that look the same (as in the 2 units) to you may not look that way to others. I've seen places that look very similar but achieve vastly different prices. It just takes one person that likes/wants a particular thing to drive the price up.

 

[DennisLeung]

Actually both properties are listed under the same agent. But from further chats with the REA, I've deduced that the other property has sold for between 290K - 305K. Too late as the offer I made was 270K, probably a huge mistake from my end. Doubt the agent will even pass the offer on the vendor now.