Winning bidder at Boardroom Auction fails to get finance

In the state this took place the cooling off period is only not used at a public auction. Going to this boardroom auction I knew that it was an unconditional auction and that a 3 day cooling-off period applied. I asked for this in writing as everything I have read recommends having as many of the cards stacked in your favour as possible.

If the vendor requested that no cooling-off period apply in this case then I would have been suspicious and less likely to attend and bid.

 

I've previously been advised by REA on certain properties are being sold via Boardroom auction. Are you issued with the Terms and Conditions of the Boardroom sale prior to conduct or as these are not a public auction, is there a fixed legislative process covering their use?

 

Those in the industry who are accustomed to all the different ways deals get done are aware of how things work, but others with limited experience could be taken advantage of in such situations. I actually asked the agent to put in writing the conditions of the boardroom auction, they sent me a brief email outlining everything.

 

You are more open to being taken advantage of via a highest and best offer process or an expression of interest campaign where there is no transparency.