If the property is passed in you still have another chance of creating a competitive environment.
- Now it is open slather for cash buyers (especially the ones that thought they were the only ones at the Auction and thought they would get it for a bargain price after the Auction). Subject to finance buyers and of course subject to sale buyers all compete by submitting offers. Sometimes this can be the most competitive environment of all the four phases. If so, an awesome price can be achieved.
- After the Auction the property can then revert to a tender by notifying all interested parties that offers will be presented at 4pm Monday. This will once again create a competitive environment and force buyers to pay the most they are prepared to pay.
- Usually after a competitive environment at any stage of the Auction campaign, the seller has received the highest the market is prepared to pay.
- Price meets motivation.