Every week, properties pass in at auction and owners hopes of getting their property sold are diminished. But what they don’t understand and probably haven’t been told, an auction is a process to flush buyers and interest out. Whether you sell before, at or after your auction, it has done its job to bring everything to a head and present to you some level of market value.
If you have passed in at auction, the pressure is on the agent to have the property sold within three business days after the auction. The reason being is the property will be sold under auction conditions without any cooling off period applicable. In failing to come to a successful negotiation, a passed in property will usually sell within two weeks.
A passed in property is just as interesting to buyers as an auction property. There are buyers that wait for properties to pass in as they are averse to buying at auction or they are looking for a bargain. It is normal for the level of enquiry to pick up once the marketing changes from auction to private treaty. This gives your agent more potential purchasers to work with and increase your chance of a successful sale.
The most important thing to do is to stay positive and to support your agent. It is natural for the agent to feel they’ve let you down. But, understanding it’s a process and needing your agent to constantly be performing at peak levels, it’s best to sometimes reassure them, that they will get the deal done. All in all, with buyers flushed out from the process and new ones hunting a bargain, there is enough there to create a competitive selling pool and get you the best price.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.