With around 300–400 homes being passed in at auction every week this spring, it is important to discuss what happens next for the vendor and the buyer.
Firstly, just because the buyers were unable to meet the vendor’s expectations in the course of the auction, does not mean that the home won’t be sold to one of the interested bidders. The law in Victoria provides the highest bidder with an important advantage: if the property is passed in, the owner – through the agent or auctioneer – will first negotiate with the highest bidder for the purchase of the property.
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