Making offers using Savoy Online
Sadly, many estate agents don’t have the best reputation for being honest or trustworthy. But if you want to buy a house, you have no choice but to do whatever they ask. You blindly go into a purchase having to trust that there is another interested party and that the owner genuinely won’t accept your initial offer. Most agents aren’t actually that bad, but how do you know which ones are the good ones?
That’s where Savoy Online comes in. You can see how many interested parties there are and what the highest offer is at any point in time. You get email notifications when your offer has been beaten and because you’re placing offers from your desktop or on your mobile, from home or out and about, you have time to think about what you’re prepared to do – there’s no pressure, you’re in control and you can act fast when needed. And you don’t have to wait hours or sometimes days to get an update on how you went, only to find you missed out on your dream home.
Here’s how it works;
- Visit the property and decide if you’d like to make an offer.
- If so, then register your interest in the property at https://savoy.marketbuy.com.au/sign-up
- Once the sale date has been confirmed, we’ll invite you to register and participate in the sale. An initial deposit of $1,000 is put on hold from your credit card.
- Wait for the scheduled start date and then use your mobile phone, iPad, tablet or computer to place offers.
- If yours is the first offer and before any other offers are made the Vendor may respond with a counter offer which you may choose to either accept or respond with an increased offer. The vendor can either accept or respond again with another counter offer. This can continue until either person accepts an offer, or…..
- Another buyer joins. Once a second buyer places an offer you have 20 minutes to respond and your initial negotiation with the vendor stops. You are now in a multiple offer situation and the clock will reset with each new offer.
- The clock will be suspended between 11pm – 8am to allow you time to sleep. Offers can still be made but the clock will not start again until 8am.
- If the vendor’s acceptable level has not been reached a RED light will show. When the vendor’s acceptable level has been reached a GREEN light will show. Once the acceptable level has been met, the time between offers will reduce to 10 minutes.
- If no further offers are made within the 10 minute time, the system will automatically stop and the agent will contact the last buyer.
- The initial $1,000 deposit on hold from the accepted credit card will now be deducted. Initial deposits held from all other participants’ will be released back to them.
- The contract of sale will now be completed with the participant who placed the offer that has been accepted by the vendor.
Is this an Auction?
No, this is a register of offers on properties for private sale. Buyers are still able to submit offers with conditions and all registered parties can see competing offers.
Do I have to supply credit card details to register?
Yes you do, a pre-authorisation is required during registration to make an offer on a property (usually $1,000). If you do not have the highest offer when the sales process is completed the $1,000 is automatically voided back onto your credit card.
How do I login to make an offer on a property?
Please check your invitation email for your unique web address as this is the only way you can access the offer process (if you don’t have an invite, you can sign up for future properties). If you have been invited to make an offer on more than one property, you will have a different unique web address for each one. If you no longer have the email that was sent to you, please let us know and we will resend it.
What happens after the sale closes, do you keep my information?
Two weeks after the conclusion of the sale all collected personal information will be deleted from the site (including email address, password and the last 3 digits of your credit card). If you made any offers on the property, your welcome name (generally your first name) will be retained against the historic offer record (to assist with identifying the offer history).
Do I have to register for each property I am interested in?
Yes, each registration is only valid for the nominated property and once again, that information is deleted once the sale is completed.
Can I view the relevant Sale documents?
Yes, there is a PDF download button at each property listing to allow you to download and view all relevant property sale documentation.
How long does the countdown timer go for?
After each offer the timer counts down for 20 minutes allowing all registered buyers the chance to place a competing offer. The sale is suspended each night at 11:00 pm AEST and restarts at 8:00 am AEST the next morning to ensure that there is no manipulation by night owl buyers!
What happens once the timer has finished?
Subject to approval by the Owner the sale process is closed and the successful purchaser is contacted to complete the relevant paperwork. The highest potential buyer has one business day to finalise the required contract.
What happens if there is only one offer?
If the single offer has not reached the reserve for the property, the Agent (upon consultation with the Owner) will have the opportunity to make a “counter offer” which can be selected by the single offeror at any time. Single offers can also be increased by the offeror if they feel they can make an offer closer to the expected reserve amount.