Buying : How Do I Buy

HOW TO BUY

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> Private Sale
> Buying at Auction
> How to Bid at Auction
> Can someone else bid for me?
> Maximise your purchasing power

The term private sale is used for non auction sales.

• Generally a fixed asking price is advertised.

Inspect the property thoroughly. This may be arranged by appointment with the auctioneers or by attending an "Open house".

• Upon inspection, pay particular attention to the structure and condition of the property.
• If you have any concerns you would be wise to engage the assistance of a specialist, ie builder/architect in this area.
• Clarify what stays (and what doesn't stay) with the property.
• The selling agent should not disclose the reserve price but may give you a general indication of the expected price range, some agents use terms such as E.P.R. (Expected Price Range) or A.S.R. (Anticipated Selling Range) or use "price bar" indicators. Underquoting the sellers desired price range for the property is in existence, although actively discouraged by the REIV and CBAV, is illegal and is subject to heavy penalties.
• Visit other properties for sale and attend open houses and other auctions to ascertain general property values in the area.
• Find out who is the auctioneer and try and see an auction conducted by that auctioneer.
• Importantly, as an auction contract is an unconditional cash sale, ensure that you are eligible for a loan. Read the contract and other documentation Section 32/Vendors statement to discover if the terms of sale (ie. settlement date) will suit your requirements and whether any items such as chattels are not included in the sale.
• There is no cooling off at an auction and if you are the successful bidder, you will be expected to pay a 10% deposit and sign the relevant Section 32/Vendor Statement and Contract of Sale immediately.

• Position yourself so that the auctioneer can see you. There is no benefit at all in being hidden at the back of the audience.
• The auctioneer will usually read the terms and conditions of sale and then conduct the actual bidding, probably calling for an opening bid. At this point you may choose to bid prominently by calling out your bid. You may prefer a discreet nod of the head or simply a raised finger.
• If you are the highest bidder and the property is knocked down to you, you will be expected to sign the Section 32 and Contract immediately and pay the required deposit.
• In the event of the property being passed in, the highest bidder should have the first right to negotiate at the reserve price.
• If possible try to attend an auction or two prior to the day to get the ‘feel' of how an auction is performed.
• Set yourself a limit and do not get too carried away with the emotion of an auction.
• A contract for the sale of land must be evidenced in writing and signed by all parties, buyer and seller. Even though the auctioneer will say "sold" the property is not legally sold until all parties have signed. An oral contract has no legal standing in Victoria. (Section 126 of the Instruments Act).

• Bidding at auction may appear to be a daunting task to some people.
• Consider using an experienced colleague or a "professional buyers advocate".  (see Buyers Advocates)

Buying  a home at auction can be a difficult process for most people.  Geoff Buck licensed agent and auctioneer trainer can assist you to Maximise the return on your home and save you valuable time and money by advising on how to bid.

By working along side you the best price will be obtained

Geoff has had over 30 years experience in residential real estate and is a real estate trainer in core topics such as auctioneering, negotiation skills, methods of sale, selling and marketing a property.  Clients include REIV, Swinburne RMIT, specialising in subjects such as auctioneering, selling, listing and methods of sale. He has authored and co-authored books of reference on these subjects.

His assistance will assist you in obtaining the lowest price with the least stress.

Fees are by negotiation .To send your information via email so that I can contact you to discuss your requirements further please email: Geoff Buck

Geoff Buck on 0418 306 588
Fax: 03 9836 1222