Hi, we were at an auction on Saturday and we have been notified the successful bidder is not going ahead and the agent has contacted us as the under bidder and wants to negotiate a higher price. The property was for sale and we went to our max at the auction and would like to know legal why our offer can’t be accepted?
Hmmmmm, I cant see any reason for the agent to take your highest bid to the vendor......the question is "will the vendor accept my offer now that the successful bidder is not going ahead?"
Hi Brendan, thank you for your feedback. It has been an interesting couple of days but we are not offering any more and happy to walk away from this one.
I'm an auctioneer myself, under auction conditions the sale occurs after the fall of the hammer and the successful purchaser signs the sales contract there and then as commitment to buy. Exchange of contracts usually occurs there and then after payment of the 10% deposit or deposit amount agreed to by the vendor. Buyer is committed to proceed with the purchase as an unconditional sale under auction terms and conditions.
It is their job to negotiate the highest possible price for their client, the vendor.
It is up to you to decide what a property is worth and what you can afford to pay.
I would stick to my price and not offer any more.