Buying after Passed-in - Unconditional

Discussion in 'The Buying & Selling Process' started by Wayne Gretzky, 2nd May, 2020.

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  1. Wayne Gretzky

    Wayne Gretzky Member

    Joined:
    26th Jun, 2017
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    Location:
    SEQ
    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.
     
    David_SYD likes this.
  2. Joynz

    Joynz Well-Known Member

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    Location:
    Melbourne
    I would follow the advice on the government website!
     
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  3. Stoffo

    Stoffo Well-Known Member

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    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?)
     
    Last edited: 2nd May, 2020
  4. Archaon

    Archaon Well-Known Member

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    Newcastle
    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?
     
  5. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    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).