There are 4 primary ways you can buy real estate and depending on where you are looking to buy often determines the method.
A standard residential property transaction is known as a Private Treaty sale. This is when the vendor, or home owner sets the price they would like to sell their property for and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.
Buying at auction
An auction is a public sale conducted by a licensed auctioneer and are governed by strict rules. There is a reserve price, which is essentially the minimum the home will sell for – if bids surpass the reserve and you are the highest bidder, you have to sign the contract right there and then. Sell my home in Suffolk.
Buying by tender
Buying NSW property by tender is a process wherein you submit a single offer, usually accompanied by a 5 or 10 per cent deposit, and it is accepted or rejected by the vendor.
Buying off the plan
When you buy property off the plan, you are paying for something that hasn’t been built yet. The home can end up slightly different from what you were told. However, it does offer you a lower price point than many other properties.