A property can be marketed for up to four weeks using the auction marketing method, but not always sell on the day.
In most cases when a property is passed in at auction it is given a breather for a week or so, and then placed back on the market with a price attached to it. How a price is determined is usually by adding around 5 % in round figures to the reserve price that was set on the day.
This allows the vendor to have some room to move so that they can achieve their reserve price or a touch more.
It is most important that you find out what the property got passed in at, and that can be achieved by backtracking certain data that is available to the general public.
But please note buyers that the figure that you are researching could have some major discrepancies due to properties being passed in with what is known as a vendor bid.
This vendor bid is a bid that is legally allowed enabling the vendor to make a bid on his or her property.
Under the new auction rules the auctioneer has to disclose the vendor bid to the general public. It's still got me in disillusion how a seller can make a bid on their own property come auction day, but that's the crazy life of real estate.
In most cases when a property is passed in at auction it is given a breather for a week or so, and then placed back on the market with a price attached to it. How a price is determined is usually by adding around 5 % in round figures to the reserve price that was set on the day.
This allows the vendor to have some room to move so that they can achieve their reserve price or a touch more.
It is most important that you find out what the property got passed in at, and that can be achieved by backtracking certain data that is available to the general public.
But please note buyers that the figure that you are researching could have some major discrepancies due to properties being passed in with what is known as a vendor bid.
This vendor bid is a bid that is legally allowed enabling the vendor to make a bid on his or her property.
Under the new auction rules the auctioneer has to disclose the vendor bid to the general public. It's still got me in disillusion how a seller can make a bid on their own property come auction day, but that's the crazy life of real estate.
