If the property doesn’t break reserve, it will be passed in.
Once a property is passed in, negotiations usually commence with the highest bidder traditionally given the first chance.
If there were no bidders, generally whoever shows interest in negotiating first will be given the chance to try and finalise the sale to make the property theirs.
And if the price for the property the vendor was hoping to achieve still hasn’t been realised?
The property will usually sit on the market for sale until a buyer comes around.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
