There are a number of different methods you can use to purchase your first home. The processes may seem a little daunting, but with the help of a real estate agent to guide you, you'll be just fine. In Australia there are four main styles of sale: private treaty, auction, tender and expressions of interest. Each state has different regulations and laws, so you should check with a real estate professional if you are unsure about the specific rules in your state,
Understanding the Different Methods of Buying Real Estate
Private treaty
Also known as a 'private sale', this selling method gives both the buyer and seller the most flexibility to negotiate price and purchase conditions.
Prospective buyers make offers on the property while the property is listed for sale on the market. Private treaty sales mean you have the option of attempting to negotiate the price or other selling conditions with the owner's agent.
There is no 'deadline' to a private treaty sale, but be aware that properties in high-demand areas can sell quickly - so if you are interested in a property you should make enquiries with the Century 21 agent who has listed the property for sale.
If the owner has accepted your offer, there is a cooling off period, during which you should perform any due-diligence on the property, such as securing home loan finance and having pest/structural inspections done.
Prospective buyers make offers on the property while the property is listed for sale on the market. Private treaty sales mean you have the option of attempting to negotiate the price or other selling conditions with the owner's agent.
There is no 'deadline' to a private treaty sale, but be aware that properties in high-demand areas can sell quickly - so if you are interested in a property you should make enquiries with the Century 21 agent who has listed the property for sale.
If the owner has accepted your offer, there is a cooling off period, during which you should perform any due-diligence on the property, such as securing home loan finance and having pest/structural inspections done.
Want to know more about Real Estate Methods of Buying? Watch this space as we discuss another method of buying Real Estate. Subscribe to our website and follow our Social Media for more.
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