Passed in at auction- how to start a negotiation

[MeowMeowCat]

Sorry, if this is the wrong platform. But there's more traffic here

I am interested in a property that was passed in at auction. I would like to start a negotiation. At what amount should I start talking? It was passed in at 500k (not the actual amount). Should I start at 500k? 500k is relatively low compared to recent sales in that pocket.

 

[Truly Exotic]

Sorry, if this is the wrong platform. But there's more traffic here

I am interested in a property that was passed in at auction. I would like to start a negotiation. At what amount should I start talking? It was passed in at 500k (not the actual amount). Should I start at 500k? 500k is relatively low compared to recent sales in that pocket.

What do you think its actually worth in an open market?

the passed in figure doesnt mean anything except, someone was willing to pay up to $500k for it, it could be worth $800k!

 

[Macca]

Sorry, if this is the wrong platform. But there's more traffic here

I am interested in a property that was passed in at auction. I would like to start a negotiation. At what amount should I start talking? It was passed in at 500k (not the actual amount). Should I start at 500k? 500k is relatively low compared to recent sales in that pocket.

If it was passed in, then it is quite likely that it will soon be listed for sale at a price above that, I would contact the agent and ask them.

They should tell you what the vendor thinks it is worth and you can then offer what you think it is worth.

 

[The Y-man]

In Victoria, wait 3 days.
(Unless you want to make unconditional offer)

The Y-man

 

[Jaggannath]

In Victoria, wait 3 days.
(Unless you want to make unconditional offer)

The Y-man

Not just Victoria, a number of other states are similar. But excellent advice.

Work out what you think it's worth, knock 10% off, start there.

 

[LeoT]

Price is not the only variable in the negotiation and often not the most important I've found. The other big item for negotiation is Settlement ie (longer/shorter)

 

[JenJen]

Hi MeowMeowCat

I suggest you do a bit more analysis of comparable sales in the area etc. Get a clear idea of the market value of the property, a realistic range, then work out your strategy. All depends on demand vs supply of course, and how much you want the particular property, so adjust to top or bottom of range accordingly.

Cheers

Jen