Buyer won't sign contract on Auction Day

Lucas Cannan: From time to time, we can have a successful buyer at an auction not want to actually sign the contract after the auction. It's a difficult situation, isn't it Brian?

Brian Cannan: Not a lot of fun.

Lucas: Not a lot of fun. Now every situation is different. But what's one tip that you can give to agents handling this, that sort of predicament?

Brian: Well it's more than one we need to give them really but the first one is, don't let the underbidder go. You know, I see all the time now, because of the way the markets been, they just take the highest bidder in and start talking to them and the underbidder wanders away. The underbidder needs to stay. It gives you options. If that first bidder is playing any games at all with you, okay? I don't want to pay. I haven't got the deposit. I want an extended settlement. All these things they start asking after the hammer's come down. You need to keep the underbidder there. Second tip is before you do anything, get written instructions from the owner. They should direct you about what they want you to do. Third tip is, don't give them any legal advice. Certainly you had to give them their options, but no legal advice. Fourth tip is, their solicitor should always be able to be contacted an hour before and an hour after auction because they are the ones you want to get the advice from about they want you to do, don't make your decisions, get advice from them.

Lucas: Perfect. Thanks, Brian.

Brian: Thank you.