This article contains information when the property didn't meet reserve / passed in
Call all buyers, starting with the leading bidder and then the under bidders to come to a suitable price (which can be done verbally).
Once you have agreed on a suitable price, note this on a Contract of Sale and have both vendor and seller sign off or the Auctioneer for the negotiation who still has the ability to sign off on their behalf.
Please see below time frames for your relevant state for when the Auctioneer is still able to sign off on behalf of the Buyer:
- Western Australia: Until 12pm the following day
- New South Wales: Before Midnight on the same day
- Queensland: Until 12pm the following day
- Victoria: Until 12pm the following day
- South Australia: Before Midnight on the same day
After these deadlines, it will become a private treaty negotiation by striking through wording which refers to Schedule 1.
Ensure you update all of your marketing and web portals to reflect it is now a private treaty/sale.
Below are instructions to relaunch the listing to the app or update the property as sold, if it is sold through private treaty.