There’s more than one way to sell a property

first_imgAnd this huge property at 150 Beelarong St at Morningside will go under the hammer at 10am today. Sarah Hackett, PlaceMore from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago “Home for Sale by Auction. For Sale sign with auctioneers gavel and a chrome house key fob, with house key. iStock Off-market sales typically happen in a highly competitive market when there are lots of buyers for a type of property and limited availability of properties. “It works in a competitive market because an interested buyer will make their best offer because of the fear of missing out if it goes to the general market,” she said. “It is not a good method in softer markets as it lessens the exposure of the property and if there’s enough properties on the market, it puts a vendor at a disadvantage as less buyers will see the home.”As for her own preference, Ms Hackett said she believed auctions were the best selling method for buyers across most markets.She will take 150 Beelarong St at Morningside to auction today at 10am.“If you have a committed seller, an auction will give them the best result as the deal gives them unconditional cash buyers,” she said. “In this current market, people are having issues with finance – an auction ensures it’s a done deal.”But Ms Hackett said the industry was reporting more tenders because of a slower market. “Some vendors are concerned they won’t get the competitive environment on the day of the auction if there are less prospective buyers in the marketplace,” she said.“The tender process is a less confronting sales method.” Sale by negotiation is similar to a private sale, but typically there’s no listed price. Some times there are price ranges or previous comparable sales provided as a guide for the buyer to submit an offer. “The advantage here is that it avoids the owners making the mistake of underpricing or overpricing the property and inadvertently turning off potential buyers from inspecting the property based on price or perceived value,” Ms Hackett said. Sarah Hackett will take 36 Virginia Avenue at Hawthorne to auction on May 1 at 6.30pm SALE BY NEGOTIATION center_img A tender is just like an expression of interest during which prospective buyers lodge their bids, however, it is done via a written contract, Ms Hackett said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45Auction, tender, sale by negotiation. There are plenty of methods used by real estate agents to sell a property.But some of the terminology can leave buyers and sellers confused, even turned off by the process.We asked Place Bulimba managing director and sales agent Sarah Hackett to explain some of the ways to sell a property, and what those buzz words actually mean. AUCTION: An auction deals with unconditional buyers, people who are in the position to make cash offers on a property, at auction or prior to auction, without any conditions. “It’s a great opportunity for the owners as, once they negotiate the deal, they know the sale is definitely going ahead,” Ms Hackett said. “It’s great for buyers, as during the auction it’s very transparent as they can see what their competition is bidding and can make the decision whether they want to increase. “The great benefit of an auction is that there is a deadline that has a result more often than not.” OFF-MARKET SALE “EOI is like a tender, but less formal,” Ms Hackett said.“It is similar to a tender as it has a time frame and you don’t know what other people are offering. “The difference between the two is that a tender is a formal contract, whereas an EOI is a document where the amount can be negotiated further. “The contract is drawn up later.’’ TENDER PRIVATE SALE: A private sale is open to all offers, subject to finance, building inspection and other conditions. “Usually there is a price on the property, which gives buyers clarity as to what they need to do to buy the property,” Ms Hackett said. “The downside to this for vendors is that it can pigeonhole the price. “Once the sale price is reached, it can be negotiated further if there are clauses like finance and building and pest.” EXPRESSIONS OF INTEREST last_img read more

McIlroy backed for comeback win

first_img McIlroy has been at Whistling Straits for several days and told reporters on Monday he had wanted to defend his Bridgestone Invitational title last week. ” I did think about coming back last week but Steve (McGregor, his fitness coach) held me back,” McIlroy said. “He thought it important for me to basically play a tournament behind closed doors and after I completed that successfully, it felt the right time to come. “I’m ready to play and I expect to do well.” McIlroy has been p aired with Jordan Spieth and Zach Johnson for the first two rounds, with Masters and US Open champion Spieth again having the chance to replace McIlroy as world number one. Ryder Cup captain Darren Clarke believes Rory McIlroy can contend for a fifth major title this week, despite his long injury lay-off. “No, I’m not surprised to see him back here,” said Clarke, who had joked while collecting an award on McIlroy’s behalf before the Open that his fellow Northern Irishman would not return until early next year. “He obviously has got a wonderful team around him and he would have done everything he could to get back as quickly as possible. I’m sure with an ankle injury he would have been advised not to come back until fully fit. If you injure an ankle and keep playing on it, it gets worse and worse and worse. “He may not be competitively sharp, for obvious reasons, but he’s world number one. He’s done many amazing things in his young career, so I wouldn’t be surprised to see him contending this week.” Former world number one Tiger Woods was also not surprised to see McIlroy back in action, but suggested an operation may still be required. “He has good physios, he’s worked hard,” Woods said. “It’s a matter of how long is he going to have to go with it like this or is he going to have to get it surgically repaired. ” And then obviously this is going to be tough. This is going to be a tough golf course. Even the walks, from tee box to fairway, they’re not straight. They’ve got a little angulation. And it’s just a matter of how can he hold that up. “I blew out my knee and played for a good nine months before I had it fixed, so it can be done. “Is he probably going to be in pain? Probably, yeah. Swelling is going to probably occur, but that’s why the physios are there, and I’m sure they’ll get him organised.” McIlroy’s last competitive round was a closing 66 in the US Open on June 21, the world number one then rupturing a ligament in his left ankle during a game of football with friends on July 4. The 26-year-old was forced to miss the defence of his Open title at St Andrews and last week’s Bridgestone Invitational, but has confounded expectations by declaring himself ready to defend his US PGA crown at Whistling Straits. Press Associationlast_img read more