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  • Pre-Auction offer in slowing market

    Hi There looking for a bit of help for an auction newbie

    Looking to buy an IP in Auckland. House was listed to sell by auction in Jan but was passed in, marketed with no bites. Its back on the market now listed to sell by auction. We are keen on making an offer- do we offer based on bringing the auction forward or possibly negotiate that price is conditional on cancelling the auction. Is this possible? Vendors have bought and are now motivated to sell

    Pat

  • #2
    Make an offer ASAP and get auction brought forward. TIme is of the essence.

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    • #3
      Your offer now becomes the reserve.

      www.3888444.co.nz
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      • #4
        Hi Pat
        You have two options. First is you can make a pre-auction offer that will bring the auction forward (say, in two days from when your offer is accepted). The auction is started at your offer, and the public told that the reserve has been met. This is standard practice.
        The second option is you can make a pre-auction offer, but specify that you want the auction cancelled. Neither the salesperson nor the seller will like this, as it is in your best interests, but if you are in a strong position to negotiate and you don't believe there is much interest it could be worth a shot. Note that the salesperson is still likely to notify other interested parties, so another offer could be made.
        I hope that helps, good luck!

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        • #5
          From a vendors perspective, he has to sell obviously as he has purchased, ball is in your court. no other bidders then you could be the one negotiating..
          Last edited by BlueSky; 16-04-2017, 12:58 PM.

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          • #6
            What sort of yield are you getting in Auckland Bateman?

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            • #7
              Originally posted by P.Bateman View Post
              Hi There looking for a bit of help for an auction newbie

              Looking to buy an IP in Auckland. House was listed to sell by auction in Jan but was passed in, marketed with no bites. Its back on the market now listed to sell by auction. We are keen on making an offer- do we offer based on bringing the auction forward or possibly negotiate that price is conditional on cancelling the auction. Is this possible? Vendors have bought and are now motivated to sell

              Pat
              If you have the upper hand, why do you feel the need to bring the auction forward? If you're the only one bidding, why not let it get passed in and then enter negotiations?

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              • #8
                Find out the reason why they are selling?

                I would wait to see how the auction goes as not many people unconditional in this market. If passes in then try to negotiate. If they wont play ball give a few days as they will be more motivated

                good luck

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