Under SA auction rules, what happens if no bid meets the reserve price?
Correct Answer
D) It is passed in; the vendor may negotiate with the highest bidder or relist
If the reserve price is not met, the property is 'passed in' and is not sold at auction. The vendor may then choose to negotiate with the highest bidder or use another method of sale.
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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?
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