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I was bidding at an auction the other day and didn't make the top bid.
The auction went to another person - who joined in at the last moment and bidded an extra 10k at the last moment (out bidding me and another person who were bidding in the 1000s)
As I was leaving the city, my agent called me up and told me that the person bidding didn't have their 10% deposit ready. In fact, they weren't even going to buy a house that day!
My Agent has said that the buyer had 72 hours to come up with the deposit or else the vendor could sue, or the put the property back out in a multi-offer situation.
My question is; Is she correct about the 72 hours? and is this 3 working days?
I am really quite keen on the property but don't want to pay the extra $10k if the property comes back out as a multi offer.
Also would like to avoid the multi-offer situation, but since my agent isnt the listing agent, I don't feel like the listing agent would notify us asap if the original purchaser fell through.
Any thoughts of what I could do??
The auction went to another person - who joined in at the last moment and bidded an extra 10k at the last moment (out bidding me and another person who were bidding in the 1000s)
As I was leaving the city, my agent called me up and told me that the person bidding didn't have their 10% deposit ready. In fact, they weren't even going to buy a house that day!
My Agent has said that the buyer had 72 hours to come up with the deposit or else the vendor could sue, or the put the property back out in a multi-offer situation.
My question is; Is she correct about the 72 hours? and is this 3 working days?
I am really quite keen on the property but don't want to pay the extra $10k if the property comes back out as a multi offer.
Also would like to avoid the multi-offer situation, but since my agent isnt the listing agent, I don't feel like the listing agent would notify us asap if the original purchaser fell through.
Any thoughts of what I could do??
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