The key to successfully buying real estate is to arm yourself with as much knowledge about real estate in your area as possible.
This can be done by talking to your local Leaders real estate salesperson, by regularly reading property pages and publications such as the Property Guide, by going to open homes and by researching property on internet sites.
Here are some answers to commonly asked questions about buying a house:
Answers to commonly asked questions about auctions
What is a real estate auction?
Auction is a way of selling property through intensive advertising media designed to capture the maximum attention of buyers within a set time frame. The process is a means of purchasing/selling real estate through public negotiations to determine the true market value of the property at that time.
What is the reserve price?
The vendor usually sets the reserve price prior to the auction. The reserve is established as a result of feedback during the marketing period from interested parties. The reserve is the minimum figure that the auctioneer is instructed to sell the property for.
Will the auctioneer be bidding on behalf of the vendor?
No. It is strictly against our company policy to have the auctioneer or any other person placing bids for the vendor in order to increase the price.
How do I bid at the auction?
The auctioneer will ask for an opening bid and will then nominate the increments by which the bidding can be raised. Simply attract the attention of the auctioneer by:
Raising your hand
Calling out your bid
Nodding your head when you catch the auctioneer's eye
If you are the successful bidder, you will be asked to pay the 10 percent deposit and sign the auction contract
Answers to commonly asked questions about tenders
What is a Real Estate Tender?
Tender is a form of marketing and selling a property through intensive advertising media designed to capture the maximum attention of buyers within a set time frame. The process is a private and confidential means of purchasing/selling real estate to determine the true market value of the property at that time.
How should I approach the tender process?
The tender document, which is your offer, is completed in and then deposited at our branch office and held secure until closing time. Every tender, once received by the salesperson, shall be irrevocable for a period of days as specified in the agreement. The tender documents are different from a normal Sale and Purchase Agreement and you may wish to seek legal advice before submitting your tender.
Can I submit a tender if I have to arrange finance?
Obviously, an uncondtional, cash tender would be more attractive to the vendor and you can organise finance prior to submitting your offer. However, your offer may be conditional.
Can I submit a tender if I have a house to sell?
Yes, there are three options:
1) You may make a tender conditional on the sale of your property
2) If you are in a sound financial position you can arrange a bridging loan to cover any delay in settling your
3) You may offer on an unconditional basis but with a longer settlement date giving you time to sell and settle