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 In Lifestyle

Passing in at auction

It’s important to understand that a property passing in does not mean the market has dismissed your home or that the auction failed. Sometimes an auction draws a buyer out of the woodwork by putting a finite time on the sale process.

Homeowners who are approaching an auction often experience fear that their property will be passed-in, however selling after the auction has taken place, or after experiencing a property passing in, is quite normal and occurring more regularly in the current market.

In Melbourne we have become accustomed to a boom market, however as demand cools, the pass in rates will be higher than we prefer. However knowing you’re in the best hands at Marshall White and strategising with your agent before the auction is a smart move.

The wonderful thing about the auction process is it reveals your true buyers in the market and sets a deadline for them to attend the event. If your property is passed-in, your agent is most likely to have at least one or two interested parties. While we would love to see the hammer fall on every sale, we relish the opportunity and the challenge to sell your home after auction.

After a property passes in the agent will negotiate with the highest bidder, followed by other bidders present and often these conversations result in a successful sale. Even if there were no bids, there may be parties present in the crowd who had come prepared to bid but failed to do so, due to factors such as the absence of any other active bidders. A good agent will have proven processes in place to ensure a successful sale regardless of what happens on auction day.

It’s important to understand that a property passing in does not mean the market has dismissed your home or that the auction failed. Sometimes an auction draws a buyer out of the woodwork by putting a finite time on the sale process.

If your property is passed-in, your agent is most likely to have at least one or two interested parties. While we would love to see the hammer fall on every sale, we relish the opportunity and the challenge to sell your home after auction.

Plus there is always new buyers entering the market so the key is in the reach – the agents ability to reach as many new buyers entering the market and finalising the sale on your behalf. Many new buyers prefer to buy after auction as they can negotiate in private, so having the sale of your house moving into the post-auction phase can afford new opportunities.

What about the worst-case scenario – nobody bids at auction and the home is not sold on auction day. In this case the agent handling the sale will work with you, evaluate all available options, review the campaign to date and agree on an action plan moving forward. There is a clear perception and trend amongst both buyers and agents that a property will sell very soon after the auction date, often within a 14 day period. If a property did indeed pass in at auction, the sense of urgency that immediately follows can be heightened for all parties. So although it may take a little longer, keep focussed on the fact you will soon be signing those papers.

If you need any further assistance or have any questions, please contact our please contact our Marshall White Sales Team 03 9822 9999.

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