Can someone tell me the answer to this please? If I am the highest bidder at an auction and the property is handed in (which gives me the 1st option to negotiate) is the negotiation then outside the terms of an Auction? (ie regnotiate settlement date/deposit etc).
Many thanks
There is no harm in trying. When faced with either a 'no sale' and loss of all the marketing momentum you can negotiate your own terms to the vendor. After all, they are trying to sell the property and if your offer is just about the timing & deposit then you may be able to get the deal done as long as you aren't asking for something which is ridiculous.
Be wary that the conditions of the auction still apply for a period of time post auction (hence you are in the favoured position) however there is no cooling off period if you commit. If you were prepared to buy at auction then this wouldn't present a drama.
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