Different Methods to Buy Property in Australia

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WELCOME TO
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Different Methods to Buy Property in Australia
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Buying a property anywhere in the world is a
lengthy process. Apart from emotional and mental
approval, you will have to go through various
other major steps like extensive research, deep
evaluation, smart negotiation, and then finally
making a purchase. Oh! Wish the process was as
easier as it seems in the first paragraph. But
the reality is that buying a home requires you
to follow some steps in the order such
as Determining the budget Saving for the house
deposit Finding the best home loan rate Looking
for the ideal property/house to buy
Negotiating Making a purchase and settling
down Getting your house and your belongings
insured You can run through the above steps
smoothly if you hire the right real estate agent.
Having a real estate agent by your side will
prove to be a boon. One of the topmost benefits
of hiring a real estate agent is that you stay
stress-free throughout the process. Everything
from A-Z is handled by your real estate agent.
If you are thinking to buy a property in
Australia, reach out to the licensed real estate
agents in Hampton Park
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Selling Property Through Auction
An auction is defined as the event of a sale
where potential buyers put competitive bids on
assets either in an open or a closed format. This
is one of the most famous methods of selling a
house or any other service. Here the goods and
services are sold to the highest bidder. In
simple words, the one who is up to pay the most
takes over the deal. Many people prefer buying
through auction because they believe they will
get a good deal on assets or homes they are
looking forward to buying. As a first home
buyer, here are some of the important things that
you must know Only a licensed real estate agent
conducts an auction. It is conducted following
strict rules and regulations. The rules are
different for different areas. So, you must know
about yours.
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The Auction Process
The auction process is carried out in steps. As a
buyer, you must reach out to your real estate
agent and ask him/her to make a pre-auction
offer to the owner. The auction offer will
contain all the information like the amount you
are willing to pay. Then submit it a week or two
before the auction day. Register your bid on the
auction day to start the bidding process. After
registration, each bidder is given a bidder card
with a number that is used to identify all
participants. The owner or the seller will set a
minimum reserve price for the property. Next,
the bidders call out their bids. Each bid is
higher than the subsequent bid. The bidders
raise their bid cards to announce their bid
price. The one who agrees to offer the highest
bid is given the asset.
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Benefits of Buying a Home Through Auction
Auctions are an efficient way to buy property at
a competitive and potentially highest
price. Saves time as you do not have to go
through a lengthy sales process. Auctions are a
good way to land a bargain.
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Private Treaty
This is a type of selling where the owner of the
property sets a price they want for the
property. The price is fixed after conducting
market research and discussions with the real
estate agent. For instance, the real estate
agent in Narre Warren negotiates with each and
every party who shows interest in buying the
property. The owner closes the deal with the one
who is willing to offer a great price. A private
treaty is also called a private sale. In this
method, the property is open for sale on the
market throughout the time property is listed.
This method enables the seller to get interested
buyers through the time the property is listed
for sale. The owner can also extend the time
period.
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Process of Private Treaty

• This type of selling includes the following
  steps
• The seller or the real estate agent in Hampton
  Park will list the property for sale at a
  predetermined price as said above.
• Interested buyers make offers on the property.
• The real estate agent or the seller will
  negotiate with the buyers for the right price and
  settle the contract conditions.
• Both seller and buyer agree on the price and the
  contract conditions. Contracts are reviewed by
  conveyancers and solicitors.
• The contract is signed by both the seller and the
  buyer. The buyer pays a deposit and the
  cooling-off period starts.
• The cooling-off period is the time when both
  buyer and seller settle their differences before
  taking any further action.
• After the settlement is made, the cooling-off
  period ends and the contract is binding.
• Benefits of Buying a Property Through Private
  Treaty
• You or your real estate agent can make a
  conditional offer.
• This may mean that you agree to buy the property,
  but your offer is subject to conditions
• like getting your finance approved, or the home
  getting a satisfactory building and a pest
  report.

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Selling Through Tender and Expression of Interest
These two selling methods are almost similar to
the private treaty. But these are usually used
for premium properties. Both these methods are
formal and require written offers which are
passed through your real estate agent to the
owner of the property.
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Expression of Interest
You must send an expression of interest
document to be sent in by a specific date. It is
an opportunity to present yourself in a clear
manner through a professional document. It
presents you with a chance to provide
information and demonstrate your interest,
suitability, and availability in relation to the
position. In the EOI, the property price is not
advertised.
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Tender
In the case of tender, the buyers or their real
estate agents in Hampton Park need to submit a
formal proposal as a response to the sellers
tender price. In this method, the buyers compete
against one another and submit the offer. But
neither of the buyers knows what each of them is
offering. This is also called a silent auction.
In this case, too, the property is sold to the
highest bidder. Looking for real estate agents in
Hampton Park, or nearby suburbs? Contact the best
real estate agent, Manny Singh, and get all your
real estate needs covered.
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GET IN TOUCH
3 Withers Ct, Pakenham VIC 3810, Australia 61
423 277 447 manny.singh_at_freedomproperty.com.au C
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