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As a Real Estate Agent I personally NEVER disclose other offers. I find it unethical and a form of dutch Auction.I have a leaflette that I provide to all intending purchasers that reads as follows:
A Buyers guide to property pricing and making an offer I have prepared this to try and answer most of the common questions that are posed by potential purchasers that wish to know more about making an offer on a property I have for sale. If you require any further details, please ask. Price ranges: Advertised price ranges are an indication of price only and are based on the most recent sales results for real estate in the location of the subject property. A price range of 10% is used and will incorporate the most likely sales result based on past sales. In a rising market, it is often difficult to determine a more accurate price as area sales have occurred in the past – in some cases up to six or twelve months earlier, but would initially expect offers to fall in the higher 1/3 of the indicated price range based on this information. It is also possible (but not always the case) that offers may exceed the advertised price range as competition between purchasers ultimately will determine the final sale price.What you should do:
• Complete the intention to offer form supplied
• Determine what price you are prepared to purchase the property for
• Your offer should be your HIGHEST and BEST offer
TIP: offer up to what you are prepared to lose the property for – in other words if someone else offers even a small amount more, you know you have done what you can to secure it for yourself
• Determine when you wish to take possession of the property (settlement)
• Determine the conditions of the sale (i.e. is the offer subject to any terms and conditions such as finance, building or pest inspections)
• Ensure that the intention to offer is given to the Agent either personally, by fax or email at the earliest opportunity and no later than midday on the Tuesday following your inspection (or earlier if indicated).
• CALL BEFORE SUBMITTING by fax or email to ensure its receipt.
What happens now? I will confirm receipt of your offer by phone (if not provided personally) The vendor will be advised of ALL offers submitted following the close of submissions. In the event of 2 or more similar offers, each purchaser will be contacted (but ONLY THE HIGHEST AND BEST OFFERS) and given an opportunity to negotiate further if required. If your offer is NOT considered close to the highest and best offers, you will NOT be given further opportunities to amend your offer. At a specified time (usually on the afternoon or evening of when offers close), the purchaser who has submitted the most suitable offer will be contacted with acceptance and will be required to formalise the offer by signing a contract to purchase. Please note that the Vendor is most likely (but may not limited to) consider the most favourable offer that is: The shortest settlement (or most suitable to them) Please do not hesitate to talk to me if you require further information or clarification
An Interesting question that is often posed by people considering selling.
Auctions are a usually a method of sale you either love or hate and the answer to your question lies in the market you are selling in at present (eg rising or level). Dont for one moment think that you should auction because you are in a hurry as time on the market should not be an issue – unless the market is slow, as it is usually slow for a reason and an auction will not speed that up in real terms.
There are some alternatives to auctions and this would depend on what state you are selling in.
As well as being a Real Estate Agent, I am also an auctioneer, but I always suggest that the market and particular property should be of consideration and you should always consider the buyers thoughts. I have found that I am conducting far less auctions at present and have an average selling time of under 20 days on the market, based on the past 4 years.
It is always wise, however to ensure that the property has adequate marketing and should include Internet and press advertising and be exposed to the market for a reasonable time (reasonable, in relation to local conditions)
Some now consider residential tender as an alternative, where a time and date are set in place for close of offers and at that stage the highest offer would be considered. It has the advantage of a closed negotiation with terms and conditions my mutual agreement.
Every method of sale has pros and cons and some methods may suit the agent above the seller…theres a revelation. So get all the facts, including current local market information before deciding.
Please let me know if I can help further
Hybrid,
With Strata Titles in South Australia, it is a breach of the Strata Titles act if there has not been a corporate meeting held each year. There is some latitude with the actual time frame ( ie a month or 2 ) however these meeting are designed for records to be kept, insurance to be updated and maintenance to be organised. The advantage to a potential purchaser is that any anomolies can easily be seen and or avoided.
There is NO exception with meetings, even 2, although it is usually an informal metting.
I am a Real Estate Agent in Adelaide and am often confronted with owners who have not had meetings, however, can usally ascertain the areas of concern that could affect the sale, such as funds, maintenance and insurance.
There are still several unit titles available in SA, depending on the age of the property and that will also be a consideration, Newer or newest units are now Community Titled introduced in 1996, Strata Titles for property between 1988 and 1996 and then there are older titles such as Moiety or company titles.
There are a number of units available in Adelaide that do not have any issues with meetings etc and I would suggest that if there are potential issues with the meetings, or anything else, research it further.
The only other suggestion I would make is to the rates associated with the cost of running the strata,.
IF you need further information, let me know
