Finding out how an auction was passed in

I have called the agent and was told it was passed in at 570k. It is now listed at 575k private sale.

I find this odd why would they not take the 570k on the day if they were going to list it at 575k? I would assume that the only place you can go from 575k is down?

Is it possible it was passed in on a vendor bid and the agent didnt mention this? Any other explaination?

How could I find out for certain? It was not in the paper on sunday

Thanks
 
I find this odd why would they not take the 570k on the day if they were going to list it at 575k?
I've seen this before. Sometimes vendors have unrealistic expectations of the auction. Somtimes an agent can talk some sense into them (if that is what the situation needs). I saw an auction a few months ago where the highest bid was $385K and it was passed in. Later I saw it listed for $359K after a few finance deals had fallen over on it.

I would assume that the only place you can go from 575k is down?
Not necessarily. I've seen a lot pf properties sell for over list price too.

Is it possible it was passed in on a vendor bid and the agent didnt mention this?
Yes, entirely possible, as a vendor bid is still a bid :rolleyes: apparently.

How could I find out for certain?
You could ask the agent directly if the highest bid was a vendor bid. (Of course agents never lie :p). Or you'd have to ask someone who attended the auction.
 
Was the auction last weekend? I notice you're from Melbourne, so assuming the property is also, try www.reiv.com.au and go to auction results (only shows the latest weekend though). That says whether it sold, or was passed in or vendor bid.
 
I went to an auction a couple of weeks ago and the property didn't get a bid when it started at $370k it is still for sale at $410k:confused:
 
Thanks did go the the REIV site. He was lying, passed in on a vendor bid much lower than 570k.

If you want to be a stirrer, ring up the agent and tell them you are confused because the reiv.com.au contradicts what he says. Ask him why the contradiction is there? Listen to him squirm.....

Then tell him that you'll find another agent to work for you.

He may then realise that it is better to tell the truth in the first place.


g
 
Wow, so the agent lied. I guess it's not too surprising, but it still seems stupid when he can be found out by doing a check on the site mentioned above. Does anyone know a site like that for Sydney?
 
If you want to be a stirrer, ring up the agent and tell them you are confused because the reiv.com.au contradicts what he says. Ask him why the contradiction is there? Listen to him squirm.....

Then tell him that you'll find another agent to work for you.

He may then realise that it is better to tell the truth in the first place.


g

I'd be tempted to let him know you know what really happened, so he knows he's not dealing with a fool. However, I probably wouldn't get nasty with him and tell him you'll get another agent working for you. Aren't you wanting to buy a house? You can't control which agents get which listings, so what happens if this guy gets the deal of the century you'd desperately like to purchase. Simply don't rely on what agents tell you, do your own homework and don't make enemies.
 
He is the agent of a house I am looking at purchasing (not the passed in one)

Think I will keep that bit of info to myself. It might come up it might not. Don't want to get him offside if it isnt nessacery.
 
That site REIV is the best one around, in terms of how to tell if he is lying that is simple his lips were moving. Only 3 months ago I rang the council to find out if a place is suitable for subdivision, councils response was "NO" and they told me that it had been applied for previously and rejected. Then spoke to fairly newby REA for the area and asked why in the ad they had opportunity for subdivision when the council said no and his response was you might have a better chance than the current vendors. I would say the REA was lying and listening to him squirm his answer out I think he did but there was no way with his great "white lie" would he remove it from the ad

Jezza
 
I realised that this could happen, well at least i have seen 2 properties that was auctioned last weekend, A is a 2 bedroom unit in doncaster east, original ESR is 400-440K, passed in at 425K now is on the listing for private sale at $485k!

B is a 3 bedroom townhouse in box hill area, ESR is 520-570K, vendor's bid at $520K and now readvertised for $599K!

I do not understand how they work out the later price and if the real estate agent will tell people that come through the door that the property was at auction before :p
 
Top