Auction VS private treaty sale
When you’re busy preparing to sell your home, understanding the difference between selling via auction or by private treaty sale is an important part of the selling process. There are pros and...
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Passed In
When a property is ‘passed in’, it means that the bidding did not reach a reserve price.
What is a ‘passed in’ property?
When a property is ‘passed in’ at an auction, it means that the bidding did not reach the reserve price set by the seller.
What happens when a property is ‘passed-in’ at an auction?
If a property is passed in at an auction, the highest bidder then has a chance to negotiate with the seller's agent. They might offer more money, the seller might accept less, or they might meet somewhere in the middle.
However, being the highest bidder doesn't guarantee you'll buy the property; it just gives you the first chance to negotiate.
Can I attend the negotiation if I wasn't the highest bidder?
Typically anyone interested in purchasing the property can attend the negotiation session after the property has been passed in at auction.
While the highest bidder is usually given the first opportunity to negotiate with the seller, other interested parties may also participate in the negotiations if the highest bid doesn't result in a sale.
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