Buying after Passed-in - Unconditional

Located in QLD

Hi guys,

Long story short - we put in 2 offers on a house over the last fortnight. The sellers declined both offers because they wanted to take it to auction. It was passed in at auction today.

The agent called me back and asked for my best offer. He is pressuring us to sign the contract and a multiple offer form before 3pm today so he can present all offers to him. I asked him if the conditions that we had on our previous offers (finance and B&P) could still be honoured and he said yes. However, on the government website it's saying if it's entered into contract within 2 business days of a failed auction then auction conditions still apply. (We weren't registered bidders). He's saying that's not the case and just to fill in our conditions and he will take it to the sellers. I just want to make sure and can't get onto a solicitor as it's Saturday.

Any help would be greatly appreciated because we need to get back to him in an hour.

 

I would follow the advice on the government website!

 

Do you know what if any bids were made at auction to ensure your previous offers are in your favour???
I would be tempted to "negotiate", re present your original offer (with original terms & dates changed) including a 24 hour offer period !
Be specific to include the B&P/finance/settlement terms and anything else that suits YOU, when they come back threaten to lower your offer !!!!
It isn't cheap to go to auction, and worse when an auction passes in (in this climate) for the vendor ....
I'd agree with your apprehension, actually signing a sales contract within the 2 days of auction may have you bound by the auction conditions !
*Remember, the auctioneer/sales agent's job is to get that signature at all costs !!!
If you do sign a contract, ensure it includes a date, time and is witnessed so they can't claim auction terms
The vendor must have thought your previous written offer too low or had poor advice from the agent/greater expectations, makes for a BIG reality check when it doesn't sell (vendor bid of $700k) and the selling agent say's "lets chase up those people who offered $780k, I would go back with an offer 5% less !!! (Or do you need to buy?)

 

what day was the auction?

If it was on Friday then that have Monday and Tuesday to accept an offer, talk to a solicitor monday perhaps?

 

I don't know about other states, but in Victoria you can add conditions if you're making an offer after an auction (and within the 3 business days period).