The Buying Process
There are a number of different methods that can be used to sell a property. As a prospective buyer, it is important to know how each method works. Below you will find a brief explanation of the common methods. For more detailed information, contact a Peter Blackshaw Real Estate agent.
Auctions are a very popular method of sale. Prospective buyers participating at an auction must be in a position to sign an unconditional contract with no cooling off period and pay a deposit.
Prior to the auction the reserve price will be set. It is important to note that offers can be made and accepted prior to auction.
For Sale (private treaty)
A property is listed for a specific price, and offers are called for. Once a prospective buyer places an acceptable offer, the process commences to exchange a contract. Generally for a prospective buyer to obtain formal finance, an independent valuation on behalf of their lending institution will be required. There is no specific time in which prospective buyers are required to place offers.
Expressions of Interest (EOI)
This method of selling allows prospective buyers to place a formal offer on a property within an advertised time frame. Contracts should exchange within a 24 - 48 hour period after an unconditional offer is accepted. Similar to an auction, the contract is unconditional, not subject to finance and does not allow for a cooling off period. The main difference to an auction is that the offers are made in private, so you will not know the number of other offers that have been made or what prices have been offered
Sale by tender is a registration process where prospective buyers are required to submit an offer in the form of a signed unconditional contract, accompanied by a deposit prior to the closing date. The owner will then have the opportunity to select the offer that best meets their requirements.