By Tim McKibbin, REINSW CEO
Just because a property you want to buy passes in at auction, it doesn’t mean it’s off the market. If you are the highest bidder it is customary (but not a legal requirement) for the agent to talk to you to see if a satisfactory sale price can be negotiated.
To successfully negotiate a sale you must be realistic. Know the value of the property and the sale price of comparable properties in the area. Ask the agent what price the vendor expects – this will give you insight into how motivated the vendor is to sell.
Finally, stand your ground. Be clear on what you’re willing to pay for the property and walk away if the price is not right for you.
If you do negotiate a sale within this environment, it is under auction conditions. This means there is no cooling off.