Buying by advertised price, deadline sale or negotiation Advertised price: The seller sets a price, and you can choose to offer more or less than that price and negotiate the sale. There is no specific deadline your offer needs to be received by. Deadline sale: The seller sets a date, and you can make an offer at any time before that date. The seller may indicate the price. You can offer more or less than that price and negotiate the sale. Negotiation: When it’s difficult to estimate the market value of a property, a seller may choose to sell by negotiation. Buyers make offers based on what they think the property is worth in the current market. You can make an offer at any time. Important things to know • In all cases, you can attach conditions to your offer, like making the offer subject to a property inspection. You can change your offer at any time before the seller accepts it, and you can include an expiry date on the offer. • The seller can also attach terms and conditions to the sale, for example, the settlement date. • If you can’t meet the conditions or need an extension, you need to talk to your lawyer or conveyancer and the real estate agent as soon as possible. • If there is more than one offer, the sale may become a multi-offer process. 5 Doing make in you’ll le and m Don’t make an offer on a property before seeking legal advice Understand the offer process The offer process will vary depending on the method of sale. Learn about the different methods of sale. al offer al offer sale, you offer, such ject to a finance. advice. some of our offer. n nt, rly e Meet conditions Any contract conditions must be met by your specified date(s). Settling and moving in Making an offer Buying by tender When a property is for sale by tender, buyers give a confidential written offer by tender to the agent before a specified end date. Important things to know • You can attach conditions to your offer. The seller can also attach terms and conditions to the sale. • You can make an offer at any time. • The seller doesn’t have to accept the highest offer or any offer. The seller may choose to negotiate, through the agent, with anyone who submitted an offer. • You may not get a chance to negotiate once you submit your offer, so consider putting forward your best offer. Buying by tender unless sold prior Some tenders may be sold prior to the deadline, and this should be highlighted in the advertising. • If the seller decides to accept offers earlier than the tender end date, the property can be sold before this date. • Register your interest with the agent and ask to be informed if someone else makes an offer before the end date to see if you can also make an offer. • If the seller has decided they will accept offers before the end date and there is more than one offer, the sale may become a multi-offer process. Buying by auction A property auction is a fast-paced, public sale. The property is sold to the buyer with the highest bid after the seller’s reserve price is reached. Important things to know • Buyers should register their interest with the agent and ask to be informed if another buyer makes an offer before the auction date. • If you haven’t been to an auction before, it’s a good idea to attend one as a spectator so you can see how they work. • If you win an auction, you are committed to purchase the property. You must pay the purchase deposit on the auction day. It’s very important to have your finances in order and to complete your due diligence before you think about bidding at auction. Whichever offer process is used, remember that a sale and purchase agreement is a legally binding contract, so get legal advice before you make your offer.
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