Buyer Tips

Tips for Buying In Yarrawonga and Mulwala.

It can be an exciting adventure looking for a new home, an investment property or the perfect allotment to build your dream home. The best advice available, whether this be your first dip into the market or you are a seasoned real estate purchaser, is to be prepared. Don’t believe the hype! Taking the time to research your new area is fundamental in making good financial decisions, not to mention, assisting you to meet the market and ensure it is the ideal position for your family’s needs and wants. At Yarrawonga Mulwala Real Estate, our sales team have access to the latest in information about the real estate market and how it relates to our buyers as well as our sellers. This information is always available, a quick phone call to our office or registering for our Property Alerts ensures you will receive the most up to date information on properties on the market as well as recent sales.

Private Sale

It is important for all prospective purchasers to understand that the competitive nature of real estate means any and all offers submitted for the purchase of property are dependant on many conditions. Price is important but so may be settlement period and conditions such as finance, building inspections etc. Ensure you are well prepared and can make your offer as strong as possible, do not go in with the unfounded belief that you may have another chance to purchase your dream property.

How We Handle Multiple Offers

The team at Yarrawonga Mulwala Real Estate work hard to ensure that the property we list for sale is marketed strongly and to it's best. This means that property is commonly sold to meet the markets demand and often interest on such properties is so strong, that there will be multiple offers submitted.

It is important that we ensure our buyers understand that as Agents, we have a responsibility to act fairly to all parties involved, including our obligation to act in the best interest of the Vendor. The Vendor will ultimately make all decisions and as their employed Agents, we must ensure all information is given to them in a timely and honest manner.

As is with all forms of real estate, no two transactions are the same, we do however attempt to handle the situation of multiple offers in a similar format each and every time.

Our process is as follows:

  • An offer is received by way of written Contract of Sale and including a holding deposit. Once this occurs, each sales person will confer with the rest of the team to ascertain if there is any other interest on the property.
  • Should other interest exist, each interested party is offered the opportunity to submit a written offer by way of signed contract with their first and best offer (including price and conditions) within a set period. Once this has occurred, no other offers will be accepted and no changes can be made to the submitted offers. The initial prospective purchaser will be given one opportunity to review and alter their offer at this time.
  • To ensure an honest process, all details of each and every offer will not be divulged to other purchasers or any other party. The offers will be collated and presented together to the vendor, who may elect to accept one of these submitted offers, reject all offers or instruct our sales team to continue negotiations with one or all of the prospective purchasers.

How To Bid At Auction

Auctions may seem daunting but with a little understanding of the process, prospective purchasers may in fact find bidding at auction exciting. The sales team at Yarrawonga Mulwala Real Estate have conducted many auction campaigns and understand each part of the process. Should you have any particular questions at any time, please feel free to contact them to discuss it further. An overview of some of the important components are listed below:

Preparing for Auction Day

On auction day, the successful bidder will need to sign an unconditional contract to purchase the property in question, there will be no cooling-off period. It is therefore imperative that all finance approvals are unconditional and all building and pest inspections have been undertaken prior to auction day. The successful bidder must be able to pay a deposit equal to 10% of the sale price upon signing the contract. This can be paid by either personal cheque or bank cheque made payable to Yarrawonga Realty Pty Ltd.

Bidding at Auction

The reserve price is the price at which the vendor is willing to sell the property without further negotiation. Once this is met, the property is then considered 'on the market' and will sell at the fall of the hammer.

Bidding on a property occurs by raising your hand and/or calling out the price you are willing to bid. How much you bid is solely up to you, and each bid should be considered an amount you are willing to and are prepared to pay for the property. Ensure the auctioneer can see you and will hear your bid. No late bids can be accepted, once the property is sold, the auction is complete.

Under the Sale of Land Regulations 2005 the auctioneer and only the auctioneer is permitted to make one or more bids on the vendor’s behalf. If a vendor bid is made the auctioneer will use the words VENDOR BID when making a bid on the vendor’s behalf.

Strong bidding will show your intent to purchase to the auctioneer as well as other competing bidders, as the highest bidder, you will become the purchaser of the property (once the reserve is met). Should the reserve not be met, as the last highest bidder, you are the only prospective purchaser who has the right to initially negotiate at the reserve price. Once you decline to pay the reserve price the agents are free to negotiate with other parties. More often than not, the highest bidder will likely be the succesful purchaser of any property passed in at auction.

Good luck!!!

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