Buying at auction: how to navigate the pass in.
When a property gets ‘passed in’ at auction, it means the highest bid wasn't at a level the sellers were prepared to accept. When this happens, the agent passes the property in, and the highest bidder is invited inside to continue negotiations, to see if they can close the gap between the vendors reserve and where the auction left off. For the buyer, this can be a super high-risk situation... In this episode we discuss how to navigate what can be an intimidating experience - to say the least!
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Show Notes
When a property gets ‘passed in’ at auction, it means the highest bid wasn't at a level the sellers were prepared to accept. When this happens, the agent passes the property in, and the highest bidder is invited inside to continue negotiations, to see if they can close the gap between the vendors reserve and where the auction left off. For the buyer, this can be a super high-risk situation... In this episode we discuss how to navigate what can be an intimidating experience - to say the least!
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