Vendor bid

Peter Kelaher: Hi, everyone. I'm Peter Kelaher, director of PK Property Search and Negotiators, Sydney's largest buyers' agent. Today, I wanted to give you a quick tip on what to do in regards to a vendor bid when you're at an auction. In Sydney -- I'm not talking about other states -- you've got a situation where the vendor can actually place one bid. That one bid that they can place is usually a bid underneath their reserve to stimulate the auction bidding system once you enter into bidding at an auction.

I'd suggest that, if you're in a situation and they put a vendor bid in and no one else is bidding, that you actually don't bid against a vendor bid. Let the property get passed in and negotiated afterwards. And always remember that when the agent says that they'll give the first right of negotiation to the person that makes
the last bid, it is only a courtesy; it is not a law.

Thanks for listening today, and please feel free to give us a call if you need a hand at bidding at auction.

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