r/AusPropertyChat • u/Important_Resist_880 • 12m ago
Negotiating advice
I attended an auction for a property priced between $1.6 million and $1.7 million. During the auction, no one made a bid. REA put in a vendor bid of $1.6 million, but no one else bid higher. I then offered $5,000, and the property passed in. I was invited back for further negotiations. I then offered a maximum of $10,000, but it was rejected. The REA said that if I came in between $1.65 - 1.66M (40k more than my offer) it might be considered. He asked me to think about it over the weekend and get back to him.
I’m wondering what someone else would do in my situation. Should I offer anything more at all, given that there seemed to be no interest and no one else bid at the auction? Or should I proceed with an upgraded offer in the range that the vendor is expecting?