purchase prior to auction

[helenseau]

we found a house and really like it. we wanna give an offer prior auction to eliminate competition. Does anyone know the procedure in such a situation?
any ideas or recommendations?

 

[lizzie]

i've put in offers before in nsw - and sold prior to auction as well.

simply put your best offer in a signed letter and give it to the agent.

 

[chilliblue]

i've put in offers before in nsw - and sold prior to auction as well.

simply put your best offer in a signed letter and give it to the agent.

I would also send a copy of the offer to the Vendors solicitor nominated on the contract sale to ensure that the vendor actually recieves a copy.

 

[neK]

Depends on the area in Sydney. If its in the inner west forget it.

Unless you pay a massive premium the agent will most likely knock it back

Then the agent will simply use your offer to jack up other offers prior to auction by quote "we've had offers in the $xxx range, so you'll need to offer more than that".

 

[stevie_sloth]

I would also send a copy of the offer to the Vendors solicitor nominated on the contract sale to ensure that the vendor actually recieves a copy.

I find this interesting. How do you find out the vendor's solicitor details? I had a look at a contract prior to auction, just out of interest, and everything was blank. No vendor solicitor details filled in.

 

[chilliblue]

All contracts I have requested have the vendors solicitors details attached.

If the agent is removing information from a contract, you would need to ask why as the vendor may be acting on their behalf.

 

[helenseau]

Depends on the area in Sydney. If its in the inner west forget it.

Unless you pay a massive premium the agent will most likely knock it back

Then the agent will simply use your offer to jack up other offers prior to auction by quote "we've had offers in the $xxx range, so you'll need to offer more than that".

That's what we are worrying about as well.
The agent told us that it will be fair to other people if we offer later. He also ask us sign the formal contract with a cheque of 10% deposite attached, plus no cooling period. Can anyone let me know if this is the normal procedure?
BTW, the property is in north-western Sydney, nsw.

 

[chilliblue]

That's what we are worrying about as well.
The agent told us that it will be fair to other people if we offer later. He also ask us sign the formal contract with a cheque of 10% deposite attached, plus no cooling period. Can anyone let me know if this is the normal procedure?
BTW, the property is in north-western Sydney, nsw.

Hence the reason that all offers should also be forewarded onto the vendors solicitor. The agent has a duty to forward all offers to the vendor regardless of the amount or timing prior to an auction.

With regards to signing a contract with no cooling off period, that could be included in the offer but I personally would not sign until the offer has been receieved.

 

[csc2]

I would also send a copy of the offer to the Vendors solicitor nominated on the contract sale to ensure that the vendor actually recieves a copy.

very good point...never trust an agent, even less so with auctions....shifty bunch!!

 

[Caputo Lawyers]

Depends on the area in Sydney. If its in the inner west forget it.

Unless you pay a massive premium the agent will most likely knock it back

Then the agent will simply use your offer to jack up other offers prior to auction by quote "we've had offers in the $xxx range, so you'll need to offer more than that".

Completely agreed about the inner west!! agents knocking back offers all the time and if they accept before the auction they normally tender it.

 

[Caputo Lawyers]

Depends on the area in Sydney. If its in the inner west forget it.

Unless you pay a massive premium the agent will most likely knock it back

Then the agent will simply use your offer to jack up other offers prior to auction by quote "we've had offers in the $xxx range, so you'll need to offer more than that".

That's what we are worrying about as well.
The agent told us that it will be fair to other people if we offer later. He also ask us sign the formal contract with a cheque of 10% deposite attached, plus no cooling period. Can anyone let me know if this is the normal procedure?
BTW, the property is in north-western Sydney, nsw.

If you do this you must have a lawyer/conveyancer review the contract, have all your searches done and at least have pre-approval of your mortgage in writing!!