Sometimes, bidding fails to reach the vendor’s reserve price and the property doesn’t sell. What happens next depends on the vendor. If they are willing to reconsider their reserve, they could enter further negotiations with the highest bidder. However, if the vendor won’t budge on price, the home stays on-market until it finds a buyer.
Auctions are fast-paced and it can be easy to get carried away by all the action. So, if you are planning on buying your next home at an auction, remember the golden rule: set a budget beforehand and stick to it. Bid with confidence by getting your home loan pre-approved with Well Home Loans.