Under bidder on passed in property - how to proceed?

Went to an auction today with an intention to buy a new PPOR. Keen on the house.

Bidding stalled with my bid of $2.135.

After agents discussion with vendor, auctioneer placed a vendor bid of $2.2m and stated that with the vendors bid the property was on the market. Highest successful bid over that price would purchase the house.

I and other interested parties declined to jump up $65k and the house was passed on the vendors bid of $2.2m.

It seemed that there were 3 – possibly 4 interested parties (4th was in a suit – didn’t bid and left straight after passed in – so guessing either a buyers agent or a local agent).

All 3 interested parties left, leaving the agent instructions to include us in any negotiations.

I fear that the agent will come back and ask all three for best and final offers and I will have no visibility on others offers/interest.

How to take back control in this situation?

Keen to purchase the house – but obviously like everybody – I want to pay the least I can.

 

That's easy. Be prepared to walk away. Impossible to have any negotiating power without willingness to walk. I would stick with my bid and see what happens. Ultimately, buyers with money have power, a lesson sellers could do to remember. Pay what you are comfortable with.

 

Control is not in your hands. It's up to the vendor and their RE agent how they proceed

Though if you can't see other offers, then others can't see yours.

If asked for best and final offer all you can do is make your best offer. You may only get one chance, so possibly not a good time to play games.

Then, if you miss out, you know you have given it your best shot.
Marg

 

PPORs are emotional. Give them your best offer.

 

How does a butler afford a 2 million dollar pad?

 

Works for the Wayne household?

 

Where there's muck there's brass.

 

Thanks all - bought the place. Stopped playing games and went in with a decent best and final.

 

Congratulations.

 

Well done!
Marg

 

I auctioned my house a few months back. Reserve is 1.9M, bidding stopped at 1.7M. The highest bidder came in for nego. At the end of the day, we walked out at 1.87M figure

 

Congrats. Just did you "went in", did you call the Agent or go and see hom/her in the office. And what did you bring with you?

 

2.135 vs 2.2 doesnt seem like that much of a diffeernce in the grand scheme of things....

And no you cannot borrow $65k from me )