While auctions may be a popular method of sale for vendors, this is not necessarily the case for buyers, with some finding auctions to be a daunting process they would prefer to avoid.
Below we outline seven action items to help you a listed snap up property before it goes to auction.
Understand the property’s true value – Research the history of neighbouring properties to understand local demand. Look at past sales in the area. Resources like CoreLogic and Domain are great for finding property insights.
Reach out to the agent – Building a positive relationship with the property’s real estate agent can help you understand the seller’s requirements and uncover important information about the campaign. Find out about the level of interest.
Discover the vendor’s motivation to sell – Factors other than price can often play a role in a vendor’s motivation to sell pre-auction, such as timing, settlement periods and sentiment.
Get your finances in order – Price isn’t everything when it comes to a sale – often, vendors are looking for a quick settlement with a buyer who has their finances in order. Be clear about how much you can afford and get pre-approval from your bank or mortgage broker so you can act quickly if necessary.
Make your offer – Agents are obliged to bring all offers to their clients. If you are attempting to get a scoop before auction, make sure your offer is enticing enough to convince a vendor to sell early.
Time it right – Timing is everything. If you make an offer at the right stage in an auction campaign, you could prevent potential buyers from even seeing the property.
Negotiate – Negotiation is all about give and take, and the price is not the only thing on the table. Other areas for negotiation include the length of settlement, deposit, existing tenancy, and fixtures or inclusions. Everything and anything can be up for discussion. No matter how stressful or intimidating the process gets, it is essential to leave your feelings at the door and apply pressure only if you are confident your terms are acceptable. Emotions and urgency can cost you a sale.
The process of buying and selling can sometimes feel daunting but you don’t have to go it alone – contact you local Belle property agent Carolyn Wheatley today on 0407 120 483 for advice and assistance. [email protected] | https://www.belleproperty.com/