Auctions get the Seller’s Lowest Price not the Buyers Highest Price.

Paul Wrigley from Ray White Toronto was talking to a buyer that has just bought a house at Auction from a local agent.

Paul asked them how the auction went and their comments were

‘We were the only bidders there, we offered an amount and the agent obviously convinced the seller to take our offer. We would have gone higher but the agent didn’t ask us to increase our offer!’

The seller unfortunately had an agent that clearly didn’t work in their best interest, instead working for himself and the buyer.

This is a regular occurrence when selling by Auction and choosing an agent that works for themselves instead of working for the seller. If this seller had chosen an agent that would’ve signed a guarantee on price, the seller would’ve got the buyers highest price and in turn been a lot happier.

To talk about selling a house with a guarantee where the agent doesn’t get paid if they sell the property for less than they quote- call Ray White Toronto on 4959 6577.