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Post Auction Negotiations

PPG_Blog_July_post auction negotations

If your property is passed in on auction day, your real estate agent should promptly start post auction negotiations. Each week across Melbourne, dozens of auctions travel this path.

In an effort to ensure the sale of your property at the highest possible price your agent will focus on the highest bidder i.e. the person or people who placed the last bid before the property was passed in. This is where their negotiation skills really come into play.

These days many buyers are savvy, they understand auction fundamentals and have usually attended several other auctions in the area before yours. Some may employ the services of a buyer’s advocate who will negotiate on their behalf during the post auction proceedings.

Confidence plays important role in negotiations at post auction mediations. If buyers or sellers are too timid, they may end up conceding on price and feel pressured into a deal. Or they might even take flight and walk away from the deal rather than stand by their favoured price and terms, potentially missing out altogether. However, too much confidence can also be dangerous. This could stop a vendor from seeing the benefits of the other party’s offer, or they might misread the market and miss out on a good opportunity.

So if you are about to sell your home or investment property at auction, be sure to consider your position should the property be passed in and discuss this plan with your experienced Property Profile Group agent.

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