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Barfoot Pre Auction Offers

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  • Barfoot Pre Auction Offers

    If you make a pre auction offer, how much time does the vendor have to make a decision to accept?

    Does the vendor need to accept and the auction will be brought forward all in the 2 working days?


    Does the vendor need to accept within 2 working day and then from that decision 2 more working days for the auction?

    Any examples would help

  • #2
    Entirely up to the seller and agent. They can take a week to sign your offer. The bringing auction forward begins when they accept it.


    • #3
      From Barfoot pre auction document

      The purchaser agrees that this offer shall remain open for acceptance by the client and not be withdrawn or revoked until 6pm on the second working day after the date on which the offer has been presented or details of it communicated to the client


      • #4
        You don't have to accept and the auction can still be a day of your choosing, so long as you can convince the buyer to agree, although they will put pressure on you to agree with them instead.

        I've seen good properties being fought over very fiercely less than a week after going on the market. 1 was bought by the party initiating the pre-auction auction for 160k above the offer price. I love going to these auctions because chances are good the biddings can get very competitive.


        • #5
          So you just need to make a decision in the two working days?

          And the auction will happen when by default? 2 days after you make a decision or 2 days after the offer was presented?


          • #6
            This is one scenario, I saw a house on a weekend, an offer was made on the Monday, the auction was on the Thursday. I am assuming 2 days to accept offer, and 2 days to bring auction forward.


            • #7
              It's always 2 days after offer is accepted.