Auction day and passing in
The bottom line
If it passes in and you are the highest bidder, you usually get first right to negotiate. Have a plan for that moment.
Most of the room at an auction has not done the work. If you have, you know your ceiling and you know what you will do if the property passes in. The highest bidder usually gets to negotiate with the vendor first, often still on unconditional terms, and that conversation happens in the minutes after the hammer.
The flowchart in this lesson covers when to sit tight, when to bid, and what to do when it passes in.
Read this
The auction flowchart: when to sit tight, when to pounce
Do this
Read what actually happens in the auction room
Check yourself
Who usually gets the first right to negotiate after a pass-in?
The highest bidder.
Are post-pass-in negotiations usually conditional?
No, usually still unconditional.
What is the one number you must set before the auction?
Your ceiling.
Talk it through
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