Step 6: Make An Offer
Auction vs Private Sale
 Auction
If you find a home you like and it is to be sold at auction, the first thing to do is to establish what price the property is likely to go for. Keep in mind that often the sale price can vary a fair bit from what is anticipated and other bidders could possibly inflate the price. Local real estate agents can provide you with the most recent sale prices on similar properties prior to the auction. Before bidding at an auction, make sure you don’t have any doubts about the property and you’ve done all the necessary inspections and research. Once you place your bid and it is accepted, you are obliged to purchase the property without any ‘cooling off’ period and you have to put down a 10% deposit on the day.
Private Sale
If you’re bying a property privately (either through a real estate agent or a private seller) you simply make an offer. You are generally not required to pay the 5% or 10% deposit until both parties agreed on the sale price and contracts have been exchanged. Found a place you’d love to call your home? Then take a deep breath and make an offer.
Unconditional Offer
If you’ve already done all your research and necessary inspections you can make an unconditional offer. If the seller accepts the offering price, you are legally bound to go through with the purchase.
Conditional Offer
You will be legally bound to purchase the property if all the conditions are met. If not, you can withdraw the offer and back out from the sale. Conditions can include - subject to satisfactory valuation, building inspection, finance, title search, pest inspection or anything else you may think relevant and important.Both Unconditional & Conditional offers are subject to ‘cooling off’ periods, which may vary from state to state.
If the seller wants to negotiate the price, the real estate will act as a ‘middle man’.
Buying off the plan
If you’ve decided to buy an apartment ‘off the plan’, you may be required to pay your deposit even before the construction has begun. You commit after viewing the proposed plans and computer generated photographs rather than inspecting the property itself.
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