Hi All,
Just a query about a house that was sold after it was passed in at Auction.
I went to an auction last year in W.A. about 5 people showed up no one bid and it was passed in.
After this the auctioneer said anyone can put in an offer.
I was told one other person put in an offer before I did.The house was passed in for $250,000. I put an offer for $255,000 a few days later. The house sold in December for $260,000 according to the land gate query I paid for.
The auctioneer told me he put both offers into the bank.
I wasn't told my offer was lower or if I wanted to increase my offer.Should the auctioneer have asked me if I wanted to increase my offer to get the best price for the bank?
I emailed and txt'd the agent about 7 times after I put the offer in so he knew I was interested.This missed house has annoyed me for months because it's worth over $300,000 easy as it is a idential layout to my current IP which is valued at $350,000.
The agent had an offer that the bank was willing to accept, that was higher than your offer. Of course they are going to accept it and take their commission. It seems you should have offered more for the property initially in order to secure it below market value.
The agent said after the house was passed that the bank would accept any offer over $250,000.
Only one person put an offer in while at the house. I don't understand why that person would add another $10,000 to what would be accepted when they saw no one else put an offer in.
I actually thought about putting my first offer at $260,000 then I thought why, they would of put $251,000 or something like that.
Thought the agent would of gone back and forward to get the best price.Oh well my loss!
The art of negotiation!
I'm not familiar with the laws in WA but here in Tassie if there are two parties having offers presented you are advised of that and are asked to put your best offer forward. You need to sign a declaration to say you've been advised there is another party making an offer and you've submitted your best and final offer.
It's always difficult to know the amount to offer in these situations although you would know the price you could pay for the numbers to work for you.
I agree with mattnz – even at $260K sounds like it was way under market value and a great purchase.
Shame you missed out this time but I'm sure you've learnt something from it to take into your next negotiations.
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