If the vendor is accepting offers, do your own appraisal to determine what the property is worth to you. Present the offer to the agent, keeping in mind that it is unlikely to be the only offer presented to the vendor. It is not uncommon for the range provided by the agent on a statement of information to be below market value for the property. This is why doing your own appraisal is so important, or have a licensed agent prepare an appraisal for you, and present your best offer to the selling agent.
If an agent is accepting offers prior to auction:
- it is likely they will contact all interested parties and invite them to make an offer by a set deadline.
- tell an agent you are interested upon inspection, to ensure you are contacted if offers are being accepted
- decide on your offer as soon as you can, ideally after inspecting the property. The deadline given to make offers can sometimes be only a few hours
Some vendors do not wish to receive offers prior to an auction. In this case, set your ideal and stretch prices, do your due diligence and attend the auction day.