Making an offer prior to auction

AuctionThe auction process can be a daunting experience for a lot of buyers, especially those who have never brought a property before, and so it’s understandable that many ask if it’s possible to make an early offer.

Lots of properties are sold prior to auction, so if you want to try to bypass the auction process then this is an option, however there are a few things you should keep in mind.

Firstly you should consider things on the side of the vendor – are they better to take your offer or wait to see what happens on auctions day?

An offer may be considered favourably if the terms benefit the vendor, i.e. there is a longer or shorter settlement, or the seller wants to extend their stay in the property.

It’s important that you keep your expectations in check though. A highly sought after property is unlikely to sell prior to auction if there will be buyers queuing at the front door on auction day. Know the market and get an idea of what the property is likely to sell for.

Before making an offer, get a valuation of the property done, get your finance done and make sure everything is in place so you can put in a strong offer.

At the end of the day buying a property, whether it’s via auction or private treaty, is all about matching buyers and sellers and finding a price that is right for everyone.

If you like a property and you’re prepared to make a pre-auction offer then it’s best to have a chat to the selling agent and asking if the vendor is willing to sell before auction day.

If you would like to see what auctions are coming up in the Bacchus Marsh area then you can view our upcoming auctions on this website.