If the vendor is not willing to accept your upper limit

Reference no: EM133387705

SCENARIO The auction unfolded (as per the video in the previous section but with assumed values as indicated in the instructions below) with the property being passed in on a vendor bid below the reserve price.

Carlos Wills was the highest bidder at $ 750,000 and you have invited him to a post auction negotiation.

You will need to assume the following for the purpose of the role play,

• the seller's reserve price is $ 825,000.00

• Vendors bid placed at $ 800,000.00 during the auction.

You have had conversation with the vendor (s) and they are unwilling to accept anything under $ 800,000.00 and are prepared to withdraw the property from the market if they cannot achieve their reserve.

You are the highest bidder at the auction, but the property was passed in on a vendor's bid of $ 800,000, you are reluctant to pay anymore than $ 770,000 for the property as this is your upper limit of finance approval.

If the vendor is not willing to accept your upper limit, you walk away from the deal.

Reference no: EM133387705

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