Ep. 89 When Should You Make an Offer Before Auction? Why Being Ready Beats Going Early
Listener FAQs When is the best time to make an offer before auction? On a four-week auction campaign, I usually go in the third week. The deal-doer agents like the Tuesday after the second Saturday, because by then the agent has market feedback and the vendor feels they've had value from the campaign. What should I ask the agent before I make an offer before auction? Ask how they'll handle it. Do I get the last right of refusal? Is it one bid, best and final, or sealed bids? Will you disclose my offer to other buyers? Agents all act within the law, but what one thinks is fair can be very different to the next. What happens if my pre-auction offer is rejected? A rejected offer moves the guide and shows your hand. So before you offer, set your auction limit and know how much room is left between your offer and that limit, so you can still show up confidently on auction day. Does an offer before auction have to be unconditional in NSW? In most cases, yes. A vendor taking a property off the market won't usually give you five days to think about it, so you add a section 66W certificate from your solicitor or conveyancer, which removes the cooling-off period. That means doing your building and pest, strata and contract review before you offer. Talk to your own solicitor or conveyancer about your situation. Is an off-market property different? Many off-market campaigns are really pre-market and often only run for two weeks, to see if the vendor gets the premium they're looking for. If you want to be in the running, you'll usually need to act within that window, and your offer will most likely still need to be unconditional. Love the Buy Your Side podcast? Please give us a review on Apple Podcasts or Spotify. It helps more Sydney buyers find the show. Full transcript to the episode can be found here. [link to EP 89 transcript] Don't forget to connect with us across: Facebook: facebook.com/buyyoursidepod Instagram: instagram.com/buyyoursidepod LinkedIn: linkedin.com/buyyoursidepod TikTok: tiktok.com/@buyyoursidepod
