Buying Guide

The For Sale and Auction campaigns are two different strategies to selling real estate or land, each comes with its own pros and cons.

FOR SALE: property or land is listed with or without price.
For example: New to market, Inviting offers, Offers Over $1M, $1,000,000- $1,100,000 or a fixed price such as $1,000,000.
Buyers can make offers based on asking price or where they see the value.

Advantage: for a buyer with a list of complicated conditions such as needing to sell before buying or perhaps development related searches, this method of sales is more giving on time and buyers are welcome to request conditions as necessary- however this does not always mean that the conditions are accepted by the seller.

Disadvantage: in a strong market properties usually end up in a multiple offer situation and as per Queensland law the agent is forbidden to indicate where other offers sit. This often means buyers pay substantially more than necessary to secure the property as it’s essentially blind bidding. If a For Sale campaign aka Private Treaty runs into complications due to conditions, in many cases both the buyer and the seller have an option to terminate the contract which often means loss of time, money and heartache.

AUCTION: a deadline sale through an open bidding process.
In general the property is sold to the highest bidder at the end of the auction provided that the sellers set reserve price is met.

Advantage: as this is an open form of bidding, buyers have confidence knowing that they didn’t pay substantially above the competition and often the difference between securing and not securing a property can be as little as $1000 more than the next highest buyer. The successful purchaser can rest easy knowing that they have secured their desired property.

Disadvantage: an auction campaign is an unconditional contract which means if you require conditions such as ‘Subject to sale’ or perhaps you are late to the picture and don’t feel comfortable proceeding without a building and pest inspection, you won’t be able to bid but you should always notify the agent of interest as a conditional buyer.

Ask as many questions about the property as possible, and feel free to take notes. Pay attention to how the home makes you feel, noting the areas you love and those that don’t quite meet your expectations. Discuss with the agent potential cost-effective solutions for optimizing spaces that feel off. Ask about nearby amenities and the best ways to spend a weekend in the suburb. Remember that the home’s price is typically determined by other buyers rather than the agent. Being transparent about your budget can save time and help avoid disappointment.

After the viewing, most agencies will follow up to ask for your feedback on the property. This follow-up can occur anywhere from the same afternoon to two or three days later, depending on the individual agent’s habits. Some agencies attempt only one follow-up, while others may call, message, or email repeatedly until they receive a response for their paying vendor. The sooner you share your thoughts with the agent, the quicker they will stop bombarding you with messages.

During the follow-up, it’s important to be completely transparent. Remember that the agent is not the homeowner and is unbiased about any negative feedback. If the agent has been in the industry for a while, they often have simple solutions for issues that may seem significant to you.
You will also be asked for your opinion on the approximate property value. This information is crucial for the agent, as it helps them gauge your understanding of the price points in the suburb. In turn, this allows them to suggest alternative homes if the current property is not suitable for your needs and to advise the seller on what the market thinks about their property’s value.

Ultimately, the decision to proceed with an offer will always be yours to make. The agent is there to assist you by providing as much information as you need, helping you feel equipped to make a well-informed decision.

The timing of appointing a solicitor depends on your comfort level; there’s no definitive right or wrong answer. If you are a seasoned buyer and feel confident in your understanding of the contract – whether through the agent’s guidance or your own research – you can sign the contract without the solicitor’s input. However, if you’re nervous about proceeding without professional advice, it’s wise to inform the agent that you won’t move forward until you’ve consulted with your solicitor.

In situations where a property receives multiple offers and the seller must make a quick decision due to personal circumstances, there may not be enough time to consult a solicitor, especially if the contract falls on a weekend. In such cases, you may face a difficult choice: risk losing the property to another buyer or proceed and sign the contract.

Remember, real estate agents are legally prohibited from falsifying documents, providing misleading information, or hiding any damaging information they possess. They should be able to clarify any items on the contract that you have questions about, so you should feel at ease proceeding if their explanations align with your situation. To further protect yourself, always request written confirmation from the estate agent regarding any concerning issues. This documentation can serve as leverage in case a dispute arises later.

Over the past decade, we have worked with many solicitors and found that their quality varies significantly. It’s essential to choose a good solicitor – one who is efficient, responsive, and insightful – as they will protect your investment and represent your best interests. We regularly collaborate with excellent solicitors who can provide you with free quotes if needed.

The process for submitting an offer can vary significantly between companies. Some may request a verbal offer, while others might accept a simple text message with basic details. Others a detailed offer which can be submitted as a printed PDF or through an online platform like Airtable. Certain agencies may refuse to present any offers unless they are submitted on a legal contract. Additionally, some sellers may instruct their agents not to request any offers if the property is scheduled for auction, requiring all interested buyers to attend and submit their offers at that time.

The table below highlights the items typically found on Queensland offer forms, explains less obvious items, and lists what is frequently included in most offer forms.

If your offer, also known as an Expression of Interest (EOI), has not yet been incorporated into the contract, this is the stage where it is transferred to a formal contract. Once all parties have signed or initialed the contract and it has been dated by the agency, copies are shared with both the buyer and the seller, as well as their representatives. This marks the contract as legally binding, and a series of steps will follow depending on the conditions agreed upon in the contract.