EXPRESSION OF INTEREST

29 Dec 2005, 04:37:22 PM

Reporter: Andrea Burns

If the whole selling caper makes your blood pressure soar... or even the idea of an auction puts your brain on fast forward.... perhaps this method is more your speed...

Ladies and gentlemen... calling for expressions of interest.

Happy customers " I think I worked it out it was 5000 dollars for every home open that we scored so when you average that out, who's complaining?"

Instead of putting their home on the market in the conventional way, they called for expressions of interest - two weeks later they sold for THIRTY THOUSAND DOLLARS more than they'd expected.

Real estate agent Kim Finlay says " we've probably done about a dozen expressions of interest now and we've had some owners secure 10 % over their expectations"

Real Estate Agent Kim Finlay says essentially, it's a silent auction. Properties are put on the market for a set period of time - say, two weeks. In that fortnight there are half a dozen home opens. Interested parties put in their best offers - at the end of the fortnight the vendors choose the expression of interest that interests them the most.

He says "it gives the buyers ample time to look through the home , source their finance, source a price thats comfortable for them and ultimately not put them under the pressures of standard practices whereby people realistically have to make a decision on the spot or within a day , given that the market at the moment's so hot"

If vendors don't get the price they want, they don't have to take any of them.

When Ben and Helen Beaton previously tried to sell their house, it was on the market for six months with no sale. Then Kim suggested they call for expressions of interest.

"and the short sharp hit was attractive? absolutely, to not have to run around after two small kids, cleaning up for home opens , not to have to move them out in their sleep times when people are coming through the house was very very attractive"

Also attractive, the fact their house sold in two weeks for ten per cent more than they'd expected.

They said "the process of going through the offers with the agent, in the quiet of your own home, weighing them up, looking at the pros and cons of each one, we found it to be really satisfactory"

Real Estate Institute President Greg Rossen is less enamoured with the scheme, critical no fixed asking price is given. He says "there is only a very small proportion of properties that sell in this manner"

Happy seller Helen says " we think we've got a fair deal and we think that the purchaser has got a fair deal, so I think in the end everyone comes out ahead"

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