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What’s the‘Best' way to buy? 

Properties are bought and sold in three ways through our agency-Best Real Estate, and the seller chooses which one best suits them-

  • Auction
  • Private Treaty
  • Express Sale

For you –the buyer it’s important to know what the differences are...

Buying at Auction

An auction is a public sale where buyers bid against each other to purchase a property.

When a property is marketed by Auction-
You inspect the property in the usual way and if you’re interested, you can bid for it at the Auction. When the highest bid reaches the ‘Reserve Price’, which is the price that the seller will accept for their property. A sale occurs on the fall of the hammer.

The key things to remember when buying at Auction-

  • Have your finance approved before the auction
  • Get your inspections done before the day of the auction
  • Prepare your deposit in advance

And ...remember will be competing against other bidders, so the sale is final when the highest bid is accepted, so be careful not to miss out

Here are some questions you may have above auctions...

Can you make an offer before the auction?                                                        
Yes, you certainly can, just talk to us and we’ll be happy to pass it on to the seller. If your offer is successful, and there is sufficient time, the property can be withdrawn from being auction. You must sign a contract, pay 10% deposit and provide a Section 66W Certificate signed by your solicitor or conveyancer.

Do you need to get a building or pest inspection?                                                
If there are obvious problems, or your solicitor or conveyancer advises it, inspections can be arranged before the day of the auction.                                                                                                    

Do you need a solicitor or conveyancer?
Although it is not a legal requirement, it is highly advisable to have a solicitor or conveyancer review the contract of sale for you.

Do you need your finance approved?                                                                   
It’s especially important, since you have to pay a deposit immediately when you are the successful bidder, and there is also no cooling-off period with auctions.

How much deposit do you need?                                                                          
Usually it’s 10% of the sale price, and payable when you sign the contract and prior to exchange of contracts.The deposit can be reduced from 10% to an agreed amount with the seller prior to the auction commencing.                 

How do you register to bid?     
Simply be sure to bring proof of identity to the auction (such as a driver’s license) and we’ll fill out a ‘Bidders Registration’ card with your name and identification. This process allows you to bid and it’s at your discretion if you decide to do so.

How do you bid?  
You will be given a numbered bidder’s registration card, which you hold up when you make a bid. Call out your bid confidently, if you are a little uncertain, we’re happy to call out your bid on your behalf.           

What happens if you’re the highest bidder?
Congratulations! It’s sign the contracts and pay your deposit.

Will you have a Cooling-Off Period?                                                                        
When buying at auction there isn’t a Cooling-Off Period.

When do you sign the contracts?                                                                        
As soon the auction is concluded and you’ve paid your deposit.

When is Settlement?
Usually six weeks after the exchange of contracts. A longer or shorter settlement can be arranged with the seller’s permission.

Best auction tips

  • If you are a first-time buyer, go to a number of auctions and get used to the process
  • Be informed about local property prices and don’t depend on getting ‘a bargain’
  • Get a copy of the contract and advice from your solicitor or conveyancer
  • Check what comes with the property and what doesn’t
  • If you are interested in the property, be sure to let us know beforehand
  • Contact your loan provider well in advance, to ensure you have finance available
  • Have your inspections carried out prior to the auction
  • You’ll need proof of identity, in order to register to bid, so don’t forget to bring your driver’s licence or other another form of identification
  • Be sure to show your registration number when making a bid. The auctioneer can’t accept a bid from a bidder who is not registered
  • When you bid, make it clear and confident. You do not want to miss out in the last-minute flurry
  • Remember your cheque book. If you are the successful bidder you will have to pay your deposit when you sign the contract following the fall of the hammer

Private Treaty

Private Treaty sale simply means that a property is offered for sale at a certain price, rather than going to auction. The seller sets the price they want for their property and then opens their property to be viewed by prospective buyers. As a buyer, you’re free to offer what you’re prepared to pay – with the understanding that the seller is after the highest price and may not accept your offer if they think they can get more. Much will depend on the seller’s deadline and how long they can afford to wait for the best price.

Best Private Treaty tips

When you’re buying with Private Treaty sale, you may find the following information and tips handy-

  • Use our ‘Early Alert’ service to stay informed on what’s available
  • If you’re interested, put in a realistic offer as soon as you can
  • Make your offer, and do your negotiations with one of our ‘Best’ sales specialist
  • With Private Treaty sale you do have a 5-day Cooling-Off period after contracts have exchange
  • Simply put, this is a period of time that you have as the buyer to organise inspections such as Building or pest, have your Bank arrange a valuation to finalise your finances, and also gives your solicitor or conveyancer time to review the contract. You can relax as there’s no chance that another buyer, can buy the property out from underneath you

How do you make an offer on a property?                                                  
If you’re happy with the property, tell us what you are prepared to pay and we’ll discuss your offer with the seller.You may be asked to sign a contract and pay an initial deposit; this does not secure the property for you, but it’s a sign to the seller that you’re serious. However, it does not guarantee that the property will be taken off the market or that the seller will not consider alternative offers from other potential buyers.

What can you negotiate on?
Apart from the asking price, you may also be able to negotiate the settlement period and the amount of deposit required. We can handle this for you.

What’s the best way to get your offer accepted?
Good, well-priced properties usually sell within a few weeks. So we encourage you to make a realistic offer as soon as possible.This will give you the best chance of securing the property you want, and to ensure you have the best chance of your offer being accepted...

Make an offer at the asking price or as close to the asking price as you can. This will speed up the negotiation process and also reduces the risk of other buyers inspecting the property and wanting to buy as well; this avoids you getting into a bidding war with another buyer ... where you may have to pay thousands of dollars more than the price you originally negotiated.

Can you get gazumped?
Yes, and it can be disappointing. Our best advice is to make your offer realistic and quickly.

When do you sign a contract?
You can sign a copy of the contract when you express an interest to purchase the property. But you cannot exchange contracts until the seller accepts your offer and when you have also paid the required deposit.

How much deposit do you need to pay? 

With a cooling off period-
0.25% of the purchase price.

With a Section 66W certificate exchange-
The full 10% of the purchase price.

When do you exchange contracts?
As soon as you and the seller have both signed your contracts and the deposit has been paid.

Do you have a Cooling-Off Period?
Yes, usually 5 business days from the date contracts exchange, which begins the next business day after contracts have exchanged. (Excludes weekends and all public holidays).

What happens if you don’t proceed with the purchase after contracts have exchanged with a Cooling- Off-Period?
You will forfeit 0.25% of the purchase price, which will go the seller to compensate them for having their property off the market to other potential buyer.

Can you get an extension of the Cooling off Period?
Yes, it is possible as long as the seller agrees.

When is Settlement?
Usually six weeks after the exchange of contracts. A longer or shorter settlement can be arranged with the seller’s permission.

Buying with ‘Express Sale’

An ‘Express Sale’ is similar to an auction. The property is offered for sale for a short period of time - 21 days.Potential buyers may inspect the property and submit their highest offer for the seller’s consideration on a Section 66w Certificate (which is without a Cooling- Off-Period).The seller then considers the offer submitted and accepts the offer if satisfied with the price. With ‘Express Sale’ a buyer can view and secure the property straight away by submitting an offer on a signed contract with a Section 66W Certificate and deposit.

If the seller accepts their offer contracts are exchanged immediately and the property is sold to them. At the end of the 21 day period if there are no successful buyers who have submitted offers to the sellers satisfaction the property is then auctioned.

Best Advice for buying with ‘Express Sale’

When can you view the property?
You can view the property at an Open for Inspection, or with an independent property appointment, with one of our sales specialist.

How do you make an offer?
If you are interested, you are invited to make an offer straight away by signing a contract with a Section 66W Certificate and paying a 10% deposit.

What can I negotiate on?
With an Express Sale the idea is to avoid any complicated negotiations and get a simple “yes or no” to your offer. However, you are free to include any terms and conditions you wish to be considered. You can also increase your offer at any time prior to the deadline at the end of the 21 days.

Tips to help you be the successful buyer?
We encourage you to offer the highest price you would be prepared to pay for the property. This ensures the seller seriously considers your offer.

When should you sign a contract?
When you make your offer

When does the exchange of contracts take place?
As soon as you and the seller have both signed your contracts and the 10% deposit has been paid and the Section 66W Certificate has been received from your solicitor or conveyancer.

Is there a Cooling-Off Period?
With ‘Express Sale’ there isn’t a cooling off period.

When is Settlement?
Usually six weeks after the exchange of contracts. A longer or shorter settlement can be arranged with the seller’s permission.