Hey,
Just wanting to get some feedback on negotiating at auctions if the property is passed in to you as the highest bidder. Should I find myself in this situation it would be good to have a strategy in mind.
What sort of things have people tried to avoid increasing the price at which the property was passed in at?
– Offer an increased deposit, ie 20%
– Altering settlement time to suit the vendor
– Playing hardball / threatening to walk away
– Providing some sort of analysis on why they think that is all the property is worhThanks
The idea of being passed in at auction is that now you are directly negotiating with the vendor without 20 other people bidding against you. Usually the reserve price has not been reached so you may have to increase the offer in price as a show of good faith it really depends on what is important to the vendor.
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