Hi folks.
Im, currently in the market for my first investment property and am a bit concerned about the methods agents are using to achieve the results of an auction without actually holding one. I’ve heard the term”set sale” thrown about which apparently entails making a written offer which is then placed in a envelope and held until the set sale date then submitted to the vendor to choose the most attractive offer. This all occurs transparently to the prospective purchaser until he/she is advised of failure of the offer.Is this practice of “silent auctioning” condoned in SA?
Can anyone explain why this is so prevalent?
Is it an upshot of auctions being more closely scrutinised in SA?What happened to the days of a price then ONO???[
Any feedback would be great…
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