The Real Estate Information Centre Sign in | Join | Help

private sales (hmmm... auction)

Last post 10-18-2008, 4:24 PM by Peter Mericka. 1 replies.
Sort Posts: Previous Next
  •  10-17-2008, 3:37 PM 4118

    private sales (hmmm... auction)

    Hi,

         I am after some advice on the private sale (auction in the dark really), if there is any? And is it a tactic by agents to stall the section 32 to allow for more interested parties to join the show?  

  •  10-18-2008, 4:24 PM 4119 in reply to 4118

    Re: private sales (hmmm... auction)

    It is common for estate agents to withhold the Section 32 Vendor's Statement until the last minute, sometimes until the day of the auction, to ensure that purchasers don't get too much of an opportunity to ask questions or investigate problems.  For example, a property being auctioned because of contamination may not generate and maintain interest if purchasers see a special condition in the contract by which the purchaser is required to acknowledge that the property is contaminated and to accept it "as is".  By withholding the Section 32 it is likely that a purchaser will not have time to investigate, and will take the risk rather than lose the property.
    Filed under: , ,
View as RSS news feed in XML
Creative Commons License Powered by Community Server, by Telligent Systems

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 2.5 License.