Buying a house isn’t a straightforward process. There are a number of factors and things to consider before making an offer, but one thing most buyers don’t consider is the style of bidding or offer that needs to be presented.
In Victoria, there are several styles of bidding or offers – auction, private sale, expression of interest and sale by set date. Each of these styles, come with a different approach. When a house is categorised as an Expression of Interest (EOI) sale or sale by set date, it tends to catch buyers out. Buyers make the assumption that the property won’t be sold until the EOI date or set sale date, but that is not the case. A house will often sell before any stated date. In a hot market, it can sometimes sell within a day or two of the listing going online.
If you’re a serious buyer, and want to buy that particular property, the agent generally will accept offers. Given the nature of an EOI, the sooner is often the better. It is best to make the agent aware that you are looking to put in an offer as soon as possible. Your offer must be in written form and include the price you are willing to pay and conditions of sale such as, settlement date, any clauses, such as your finance conditions and inclusions/exclusions of the sale. If you’re putting in an offer, remember that you may only have one chance to secure the property. But you may not. Each agent and agency operates differently. You need to understand how the agent/agency you are talking to fields offers and their process once an offer is received. There are a lot of moving parts to navigate and buying real estate is a complex, multi part process. Make sure you understand the exact steps involved or if you need a hand, speak with a qualified professional with extensive experience in the industry spanning different market conditions.
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