Hi all,
I really like this property which is scheduled for auction this weekend. We wanted to put an offer on the property at 100K over the advertised price, and even the agent said it was good- but the vendors wanted to go to auction anyway.
I am against auctions, but I have advised the agent that I will attend the auction, but not as a bidder. I also reminded him of my offer.
Now, can someone tell me what happens if the bidding reaches/exceeds the reserve price, but it is still less than our offer- can the vendors not accept the highest bid and still go with our offer? How does it work?
Any help would be greatly appreciated.
Cheers,
Lee
I really like this property which is scheduled for auction this weekend. We wanted to put an offer on the property at 100K over the advertised price, and even the agent said it was good- but the vendors wanted to go to auction anyway.
I am against auctions, but I have advised the agent that I will attend the auction, but not as a bidder. I also reminded him of my offer.
Now, can someone tell me what happens if the bidding reaches/exceeds the reserve price, but it is still less than our offer- can the vendors not accept the highest bid and still go with our offer? How does it work?
Any help would be greatly appreciated.
Cheers,
Lee