During an auction, a property might not meet a vendor’s reserve price, so the property is then “passed in.”
It is common practice at this stage for the vendor to negotiate the price with the highest bidder, but they are under no obligation to sell their property.
They may just put the property back on the market for sale by private treaty.
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About Michael Yardney
Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au
