The Real Estate Institute of Victoria (REIV) has published advice on how buyers can negotiate a sale on a private property.
Among the points it makes is that a seller has the right to reject an offer or to wait before accepting it, which could lead to negotiations. It added that while a real estate agent acts as a go between for buyers and sellers, in Australia they work with the interests of the seller in mind.
Buyers were reminded to put in a written copy of their offer that is due to be accepted by a particular date and time. Should the seller sign the offer, it then becomes a legally binding contact.
REIV has turned attention to private sales as it says auction volumes will be on the decline during winter months, as is traditionally the case.
Nevertheless, consumer interest remains high, as the clearance rate for Victoria reached 76 per cent last weekend.
Posted by Ravin Chatlani