Buying Property before auction

Discussion in 'The Buying & Selling Process' started by JK200SX, 23rd Apr, 2017.

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  1. JK200SX

    JK200SX Well-Known Member

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    Went to an open a week ago and I asked the agent if the owner would accept offers prior to auction. Agent replied yes, but S32/contract was not available. Once contract was available I went to open again and said I want to make an offer... he went but,but,but...etc. I said to him you said its ok, etc. He then said he will call me after all the saturday auctions/opens are done and get back to me, however he never called back.

    What should my next plan of attack be on Monday morning?
     
  2. Propertunity

    Propertunity Well-Known Member

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    Wait for the agent's call. It seems obvious that the vendor may want to go to auction which is different to what the agent was initially led to believe.
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    Did you get hold of the section 32?
    Are you prepared to make an unconditional offer?

    (The agent should be advising his clients NOT to accept any offer until 3 days prior to the auction. In Vic, this allows the contract to be made on auction conditions - ie unconditional).

    The Y-man
     
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  4. JK200SX

    JK200SX Well-Known Member

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    Yes I have the S32, and told the agent I was prepared to make an offer, unconditional with cheque book in the hand.
     
  5. The Y-man

    The Y-man Moderator Staff Member

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    Odd then - he should have pounced..... mention an indicative price bracket of your offer?

    The Y-man
     
  6. JK200SX

    JK200SX Well-Known Member

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    Yes, I mentioned a price, ie at the higher end to get him to "pounce"... Maybe I'll get a phone call tomorrow?
     
  7. The Y-man

    The Y-man Moderator Staff Member

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    Be interested to know - they might be waiting for an indication from the vendor.

    The Y-man
     
  8. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    But you can't contract out of the three business day cooling off period - unless you buy within three business days of an advertised auction.

    The agent/vendor may want to wait until you're closer to the auction, so you can't cool off.
     
  9. kierank

    kierank Well-Known Member

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    I like to keep the "ball in my court".

    I would be calling the agent first thing to set up a meeting to put your offer on paper.
     
  10. Avi Kumar

    Avi Kumar New Member

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    The agent needs put any offers made prior to auction to the owner and it is the owners call to say yes or no to the offer. Offer has to be on paper and if confident enough, it has to be unconditional if it is very close to auction. If it is very close to the auction then it has to be an offer that the owners cant say no too.