Making a pre-auction offer

[Davo36]

The words "Unless Sold Prior" say it all really.

If it's marketed that way, then it can be sold at any time leading up to the auction I think.

[DaveW]

The words "Unless Sold Prior" say it all really.

If it's marketed that way, then it can be sold at any time leading up to the auction I think.

Yes, by bringing the auction date forward means it will be sold prior to the advertised date

[Davo36]

Yes, by bringing the auction date forward means it will be sold prior to the advertised date

Hmmm I was always under the impression that the vendors could just sign an agreement and then advise it's been sold.

[fudoc5]

Would offering a larger deposit help the Vendor, say offer 20% instead of 10%?

[DaveW]

Would offering a larger deposit help the Vendor, say offer 20% instead of 10%?

Yes you could try that.
Have you still not made your offer ? You are losing your early advantage as time goes on. They've just had another weekend of open homes ?

[fudoc5]

This weekend was the first open home, quite a large turn out 27 groups. we're going to make the offer tomorrow evening when our funds clear.

[DaveW]

This weekend was the first open home, quite a large turn out 27 groups. we're going to make the offer tomorrow evening when our funds clear.

Sounds like a popular property. Good luck.
I presume you did a viewing before the open homes started and that you were accompanied by an agent other than the listing agent.

[fudoc5]

Sounds like a popular property. Good luck.
I presume you did a viewing before the open homes started and that you were accompanied by an agent other than the listing agent.

Thanks, yes viewed it twice w Agent

[Aston]

Hmmm I was always under the impression that the vendors could just sign an agreement and then advise it's been sold.

Correct.

The vendor has the option of selling prior to auction or bringing the auction forward. REAs will always advise on going to auction, for their own purposes.

[fudoc5]

Correct.

The vendor has the option of selling prior to auction or bringing the auction forward. REAs will always advise on going to auction, for their own purposes.

It is possible to add a sunset clause with the offer along the lines of 'If accepted by the 'Vendor' agrees to withdraw listing and sell to 'Purchaser' without requiring an auction or multi offer'? Or could this backfire?

[Aston]

It is possible to add a sunset clause with the offer along the lines of 'If accepted by the 'Vendor' agrees to withdraw listing and sell to 'Purchaser' without requiring an auction or multi offer'? Or could this backfire?

Yes that is correct. This happens regularly, I can't imagine any circumstances in which it could possibly backfire.

[fudoc5]

Yes that is correct. This happens regularly, I can't imagine any circumstances in which it could possibly backfire.

Wouldn't adding this clause in make it a conditional offer? vs going unconditional

[Aston]

Wouldn't adding this clause in make it a conditional offer? vs going unconditional

Yes it's conditional upon the vendors cancelling the auction or going to a multi offer deadline. Wording of the clause would need to be confirmed by a lawyer of course.

[donna]

Gazumping is not so popular here but it's worth covering all your bases so you're not wasting your time.

cheers,

Donna

[fudoc5]

HI, just an update the offer we put in was rejected 3 weeks ago, but we still managed to secure the property at auction yesterday (~100k above our offer price) but still below our top limit price. Huge turnout at auction ~60 groups and 15 bidders. So overall good result and we're stoked to finally have a place to call home. Thanks everyone for your input, Cheers