Public Trustee auction question

[FJO]

Hello everyone.

Simple question.

What are the rules at a public trustee auction, when it comes to passing in a property, or what happens when a property is passed in, in these auctions?

The only research I can dig out from the Act of 1978 in QLD, is that the highest bidder has the right to negotiate exclusively for the sale of the property with the vendors, via the trustee agent. In other words, the way I read it, is that the agent cannot close the books on the auction and walk away without offering the highest bidder the right to negotiate a price or an offer for the property. Is that correct?

Has anyone come across these situations in a public trustee auction?

Thank you

 

[Truly Exotic]

they are an uptight bunch

as protocol (not sure if its law) highest bidder gets exclusive chance to negotiate like a typical auction,

they also dont give out reserves or ranges, and usually just give a bidding from indicator which is no where near the reserve

good luck

 

[willair]

Hello everyone.

Simple question.

What are the rules at a public trustee auction, when it comes to passing in a property, or what happens when a property is passed in, in these auctions?

The only research I can dig out from the Act of 1978 in QLD, is that the highest bidder has the right to negotiate exclusively for the sale of the property with the vendors, via the trustee agent. In other words, the way I read it, is that the agent cannot close the books on the auction and walk away without offering the highest bidder the right to negotiate a price or an offer for the property. Is that correct?

Has anyone come across these situations in a public trustee auction?

Thank you

Depends who runs the auctions,if the public trustee runs them then you would want to be a very "good listener" at the start,the last few I have been too were sold on the day or soon after,they are not the best people to deal with unless you close the sale on the day..imho..

 

[wylie]

We bought out house at PT auction. It was passed in to us and we had until the last auction that session to come up to reserve or lose it to anybody else willing to pay the reserve that day. We could have negotiated with vendor but it was a charity and our offer would have had to go to a board meeting the next week. We knew there were others in the room who had bid ready to pay reserve so we had little choice. We just paid the reserve.