{"id":6042,"date":"2017-09-02T03:19:54","date_gmt":"2017-09-02T03:19:54","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/passing-in-at-auction\/"},"modified":"2017-09-02T03:19:54","modified_gmt":"2017-09-02T03:19:54","slug":"passing-in-at-auction","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/passing-in-at-auction\/","title":{"rendered":"Passing in at auction"},"content":{"rendered":"

<\/p>\n

\n

The most essential skill of any bidder at a property auction is knowing when it\u2019s time to stop. <\/strong><\/p>\n

When the price reaches a level that no longer represents value to you, it\u2019s time to call it a day. Sometimes auctions make property dreams come true, other times they are simply a superb training ground.<\/p>\n

There are only three possible auction outcomes. The property will either sell under the hammer because the bidding has reached the vendor\u2019s reserve,\u00a0<\/span>the property will be passed in and the highest bidder will have the opportunity to strike a deal via negotiation,\u00a0<\/span>or the property will become available to the open market for a specific price (usually the vendor\u2019s reserve or a price a fraction above reserve).<\/span><\/p>\n

Stay focused<\/h2>\n

It\u2019s important for any bidder who is serious about buying a property at auction to ensure that they bid within their limit regardless of whether they are bidding against other buyers or against an auctioneer\u2019s vendor bid. <\/span><\/p>\n

A buyer who gains the right to negotiate exclusively with the vendor at their reserve price often holds the advantage. Vendors are not only emotionally entrenched in the sales campaign, but they want the \u2018Sold\u2019 sign to go up on that board before the auctioneer has to head off to the next auction. <\/span><\/p>\n

Vendor motivation to sell is at an all time high on auction day.<\/span><\/p>\n

\"12\/3\/1998.<\/p>\n

Knowing when to throw in the towel is key when bidding at auction. Picture: realestate.com.au<\/p>\n<\/div>\n

Buyers need to negotiate with respect and pragmatism, offending the vendor will never play out well and agents will revert to an advertised private sale if negotiations stall. <\/span><\/p>\n

Just because the property is passed in doesn\u2019t mean that the vendor will part with it at a low price. Keeping an eye on the prize and not missing the opportunity to buy at a fair price is vital.<\/span><\/p>\n

Cate provides\u00a0opinions based on current market conditions. These opinions should not be treated as investment advice. Always obtain advice based on your individual circumstances.<\/h6>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The most essential skill of any bidder at a property auction is knowing when it\u2019s time … Passing in at auction<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6043,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[695,1403,3021,41,818,17],"class_list":["post-6042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-agent","tag-buy","tag-private-sale","tag-property","tag-real","tag-vendor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/capi_9f979b28e74a518fa6a1699607f7be16_1f36879b99f24f8fc3935b6a20acc204.jpeg?fit=1024%2C768&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6443,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-do-i-need-to-know-on-auction-day\/","url_meta":{"origin":6042,"position":0},"title":"What do I need to know on auction day?","author":"Amazing Property","date":"September 29, 2017","format":false,"excerpt":"\u00a0 Attending your first auction as a potential buyer can be a little overwhelming. There\u2019s a lot of money riding on the result and you don\u2019t want to be caught in an uncomfortable position because you\u2019re not sure of the rules and procedures that govern auction day. 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