Stand down time from having price listed to going to auction

Looking at selling farm , agent tells me there is a 2 month stand down if I list farm with price b4 I can go to auction if not sold prior, I cannot find anything on line 2 confirm this .
Is this correct
Question asked via Homely.com.au The opinions expressed here are those of the individual and not those of Ray White.
2 people following
this discussion
Report

3 Comments

Karen Corbett Aug 20, 2015
Hi Paul,

Ideally a property goes to auction before it is marketed with a price, the auction process is designed for the agent to get as as much traffic (potential buyers) through your property prior to auction day in order to provide you with feedback on where the market sees your property sitting as far as price goes, this feedback then provides you with the information you need to make an informed decision when setting your reserve price for auction day. Should your property be passed in at auction, ideally the price is then set at a level somewhere near where the market sees value and should potentially sell within a short period after that. There are a lot of buyers who are not in a position to buy a property under auction conditions (that is cash unconditional on the day) the post auction period provides those buyers the opportunity to make a conditional offer on the property.

When a property is marketed with a price to begin with it provides the market with a price guide. The problem with this is that if the listing price is set too high you may potentially scare buyers away or if the price is too low you may miss an opportunity to realise your best price.

There is no law to say if you market your property with a price to start with that you have to wait for 2 months before you can then take it to auction, however you do run the risk of preparing the market for where you are at as far as price and this could again limit the potential for the best available price on the day.

Paul, I hope this information assists you.

KarenC
Report
The opinions expressed here are those of the individual and not those of Ray White.
PaulW1 Aug 21, 2015
Thanks for that very informative cheers
Report
The opinions expressed here are those of the individual and not those of Ray White.
Karen Corbett Aug 21, 2015
No problem Paul, if we can be of further assistance please don't hesitate to contact us.
Report
The opinions expressed here are those of the individual and not those of Ray White.

Add a comment