Thinking of selling your property?
Since establishing in 2015, Midland Realty Group, formerly known as Midland Investment Group Sydney has grown into a highly reputable, well-known and result proven agency.
Why Should I Choose a Real Estate Agent to Sell My Property?
Real Estate Agents are qualified professionals that can help you sell your property. They are experts in the local and wider property market and provide informed property appraisals. With a world of information available on the internet, some of the data provided is not always as current as what can be accessed by a Real Estate Professional. They help guide sellers on the best method of sale and ensure properties are actively promoted and marketed to reach to achieve the best results.
Private Treaty or Auction… What is the Difference?
PRIVATE TREATY
When you sell your home by private treaty, you set a price and the property is listed for sale at that price.
Benefits of a private treaty sale:
- greater control over the sale
- time to consider offers by prospective purchasers
- the ability to extend the time for which your home is for sale indefinitely
- potential purchasers must make offers for your property ‘blind’, without knowing what other buyers are willing to pay
Risks of a private treaty sale that should be considered:
- if the price you set is too high, your property may not sell
- if the price you set is too low, you may miss out on maximising the selling price.
AUCTION
To sell through an auction process, the amount you want for the property is generally not revealed to potential buyers who are encouraged to attend the auction and bid for the property against other potential buyers.
By nature, an auction creates urgency. There is a definitive time when the buyer must act, or they risk missing the opportunity to buy the property. Setting an auction date groups all interested buyers together at one time, creating a competitive environment and the best chance to achieve the highest possible price. The theory of an auction is that your home will sell at true market value at that particular time.
Setting a reserve price
· The reserve price is the lowest amount you are willing to accept for your property. Before bidding begins, advise your agent what you nominate as the reserve price. This is usually not told to the prospective buyers.
· If the highest bid is below the reserve price, the property will be ‘passed in’. You will then either try and negotiate a price with interested bidders or put the property back on the market.
· If the bidding continues beyond the reserve price, the property is sold at the fall of the auctioneer’s hammer.
Successful bids
· The successful bidder must sign the sale contract and pay you a deposit on the spot (usually 10 per cent). There is no cooling-off period for anyone who buys a property at auction. If the property is passed in at auction but contracts are exchanged on that same day, the cooling-off period still does not apply.
Benefits of an auction sale:
· Auctions attract more buyers to your property because prospective buyers aren’t put off by an asking price
· The auction date creates a sense of urgency that prevents buyers from delaying their decision and lets them know you are serious about selling
· You are protected by a reserve price. This means your property won’t be sell unless bidding reached a pre-agreed level
· There is no ceiling price, so you have the opportunity to achieve a price above your expectations
· Auction produce an unconditional contract for sale with a set settlement date
What is an exclusive listing?
With an exclusive agency agreement, you give exclusive rights to one agent to sell your property.
This may entitle the agent to be paid commission if the property is sold during the fixed term of the agreement, even if the property is sold by you or by another agent.
An exclusive listing arrangement is most commonly used for the sale of residential properties.
Once I have chosen an Agent to sell my property, do I need to prepare anything else?
You will need to appoint a solicitor and ensure your property is clean and de-cluttered in preparation for marketing and photos to be taken on both the inside and outside to create that amazing first impression.
Do I need to appoint a conveyancer/solicitor whether I am Buying or Selling a property?
We recommend you obtain the services of a solicitor/conveyancer whether you are buying or selling your property. They will ensure all legal avenues are followed both on your behalf and also with the other parties involved for your protection in the transaction
Can I sell my property when it is being leased?
You are able to sell your property while it is being leased, but any potential purchaser must be told there is a current lease in place and that the property will not be sold with vacant possession.
The tenant has the right to occupy the residence until the end of the lease term, unless both parties negotiate and agree to terminate the existing agreement.
In some cases, the fact that your property has reliable tenants in place may actually be appealing to prospective investors.
Thinking of buying a property?
Buying a home can be a competitive process. Many buyers are often competing for the same property, not to mention the rise of property buyers who are experts in buying homes.
Understanding the process is vital and may mean the difference between being the successful owner of the property or missing out to someone else more experience.
What are the steps to buy a home?
1. Own a home? Get a market appraisal as this is a great way to find out how much equity you already have. At MIG , we can provide you a free market appraisal for your property.
2. Contact a broker to discuss your home buying plans and borrowing capacity
3. Create a budget and save deposit
4. Choose a home loan and apply for pre-approval
5. Research property market and neighbourhoods
6. Finalise property must-haves
7. Start house hunt
8. Solicitor/Conveyancer to review contract
9. Get a building/strata inspection
10. Make and offer or bid at auction
11. Sign contract and pay deposit
12. Complete settlement and move-in
What are the cost of buying a property?
· Deposit – usually 10% of the purchase price
· Stamp Duty – differs in each state
· Fees and charges related to obtaining a mortgage
· Home insurance
· Legal fee
· Building, pest and strata inspections fee
· Council rates and strata fees
· Moving costs
What is Stamp Duty?
Stamp duty is a charge which is applied by state governments in Australia and is in relation to the transfer of land or property. The State Government charges may vary depending on the purpose od the property purchased.
What is a cooling-off period?
After the contracts have been exchanged, a provision called the cooling-off period allows the buyer to have a change of heart and cancel the contract. During this period, the seller is forbidden from selling the property to another buyer. A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
For further information about how we can assist you sell or purchase your property, please feel free to reach out to one of our expert sales agents.
DISCLAIMER:
The content of this web site is provided for information purposes only and while reasonable care is taken in its preparation, Midland Realty group does not guarantee or warrant the accuracy, reliability, completeness or currency of the information on this site or its usefulness in achieving any purpose.