Australian Property Podcast Navigating private sales and making offers
In this episode of the Australian Property Podcast, Amy and Chris delve into the complexities of private sales and how to make offers
- Negotiation Dynamics: Expect ongoing back-and-forth negotiations, where buyers may present their highest and best offers. This can take place through Zoom meetings or in boardroom auctions rather than through public advertising.
- Conditional Offers: Conditional offers can complicate negotiations, resulting in a more chaotic process. Simpler offers tend to make for smoother transactions.
- Vendor's Decision-Making: A streamlined process allows the vendor to assess offers based on terms, not just price, leading to less transparency for buyers.
The Two-Step Process
- Making an Acceptable Offer: The first step is to present an offer that meets the vendor’s expectations.
- Dealing with Competition: Buyers may need to navigate competing offers once an acceptable one is in place.
Essential Questions to Ask
- Timeframes and Process:
- When is the property expected to be sold? Is there a set date?
- If another acceptable offer arises, how long will other buyers have to respond?
- What is the defined sale process? Will there be offer disclosures? How will negotiations unfold?
- How are varying terms handled among offers?
- What is the vendor's ideal settlement timeframe?
- Have there been any previous offers, and if so, what were their terms?
- What is the preferred method for submitting offers (contract, email, letter of offer)?
Hot tips
- Ask Questions: Ensure you understand the exact process by asking thorough questions.
- Recap Communication: It’s acceptable to follow up with an email or text to recap the discussed process, as this will influence your purchasing strategy.
- Challenges: The most significant hurdles arise when the seller is uncertain about their sales process.
Tune in to learn more about navigating private sales and how to position yourself effectively in a competitive market!
Rask Resources
Pete's Buyers Agency: https://www.allenwargent.com.au
Alcove mortgage broking: https://www.raskmedia.com.au/services/mortgage-broking
Amy Lunardi Buyers Agency (Melbourne) https://www.amylunardi.com.au
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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
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