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There are two main ways to buy a
home – by private sale or by auction. As a buyer, you don’t
really have a choice, as it is the seller (vendor) who decides
which method to use to sell their home.
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» private sale ...
Buying by private sale means you buy the property at the
advertised price or you negotiate the price with the vendor,
usually through the vendor’s estate agent. In some cases,
the property may have been ‘passed-in’ at auction because
the vendor’s reserve price (the minimum they were prepared
to accept) was not reached.
Buying by private sale allows both parties to negotiate an
acceptable price, with the buyer usually starting low and the
seller starting high. The negotiation continues until both
parties agree on a price.
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Buying by private sale allows both the seller and purchaser to
negotiate an acceptable price.
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» auction ...
The auction method is the ideal way to test the property
market against buyer demand. However, it is also an
emotionally charged and fast-moving atmosphere that requires
both parties to keep a cool head.
Some of the benefits of buying at auction include:
- You can compete with other bidders in an open forum and
you are aware of other offers being made.
- All legal documents relating to the sale of the
property are available for inspection before the
auction.
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Contracts of Sale can be signed and exchanged on
the day of the auction.
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Auction is the ideal way to test the property market against
buyer demand.
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