What happens when the property is passed in?

However, if the reserve price is not met and the auction sale is passed in, you can also negotiate with the next highest bidder to come to a mutually agreeable purchase price. If your property is sold to the next highest bidder, then the contract would still be an unconditional one and not subject to the cooling off right. If you do not come to an agreeable price with the next highest bidder, then the auction would have failed, and you’ll have to continue advertising the property for sale via other means. You should discuss with your real estate agent the real prospect of the sale. Depending on the market trend at the time, you can also consider withdrawing the property from the market temporarily until you are able to sell it at your preferred sale price.