In Victoria, what happens if a property fails to reach its reserve price at auction?
Correct Answer
D) It is passed in, and the vendor may then negotiate a private sale with bidders.
When a property is passed in at auction, it means the reserve price wasn't met. The auctioneer may then negotiate privately with interested bidders, or the property can be sold through other methods like private treaty.
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- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
- → Tom plans to bid at a NSW house auction on behalf of his sister, who will instruct him by phone from Perth. Neither holds power of attorney. What must Tom do to bid for her?
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- → A buyer arrives to register at a NSW residential auction with only her overseas passport, which does not show her address. What will allow her to register?
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In NSW, if a property receives three bids above the advertised price range during an expressions of interest campaign, what must the agent do regarding the advertised price?
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