FAQ’s – Expressions of Interest Marketing Campaign (EOI)

Our EOI marketing campaign usually lasts 3 weeks, allowing potential purchasers to view the property.

Buyers are able to make an offer at any time during the process which is sealed and in confidence. Expressions of Interest will close on a specified day and time, and each potential purchaser will need to put forward their best and final offer (in writing).  ( Assuming that the property is not sold before the campaign end date –  see below for more information about this ).

It’s important to know that your offer can only be shared with the vendor. It cannot be disclosed to any other party, such as other purchasers.

This marketing campaign gives the Vendor flexibility to obtain true market indications along with allowing them the best opportunity to secure a sale that is most suitable to their specific requirements.

If you’re putting in an offer, remember that you may only have one chance to secure the property, so put your best foot forward so you’re not disappointed later on.

If there are multiple offers submitted on a property, the agent will contact you before presenting the offers to give you an opportunity to amend your offer OR confirm that you are happy to proceed with your offer as is.

If an acceptable offer is not found by the seller, the property may be placed on the market as a private treaty sale or EOI’s may be called for again

FREQUENTLY ASKED QUESTIONS;

Can I buy the home before the Closing Date?
In some cases, yes. If your offer is attractive to the vendor, they may choose to move forward and accept, rather than wait until the EOI End closing date.

What is the ‘Buyers Over’ price?
The “Buyers Over” price is a guide to assist prospective purchasers, purely so they know if the property is within their budget parameters. If you are unsure of the properties ultimate value your agent will be able to assist you with recent sales to gauge price.

Please keep in mind that the Buyers Over price demonstrates that the seller will be looking at offers OVER the specified price. Ultimately though, the market will determine the value of any particular property.

How much does the seller want?
All sellers want as much as they can get. The ultimate value will be determined by the market throughout the E.O.I marketing campaign.

Will the offer actually be considered by the seller? Will the offer be presented to the seller?
Yes – the agent will advise the seller of any/all offers. The agent will not “hold back” any offers as we are legally bound to present all offers.

Can I specify any additional conditions when placing my offer?
Yes, however the least amount of conditions on your offer, the more attractive it will appear to the vendor when negotiating in a multiple offer scenario.

How do I make my offer stand out from the pack?
By making your very best offer. With E.O.I, you may only have one opportunity to purchase the property, as it isn’t uncommon to have multiple buyers trying to buy the property. Generally the owners don’t negotiate directly, more so examining all offers and accepting the most attractive, outright.

What next?
All offers received are then retained by the agent, communicated to the seller, who then makes the ultimate decision based on the terms that best suit their situation.

When will I find out if my offer has been accepted?
The agent will always keep you informed of the progress of the campaign and the vendor’s feedback. The agent will let you know when they are presenting the offers and the agent will respond to the successful buyer first and the other buyers thereafter.

**PLEASE NOTE:
The seller reserves the right to withdraw the property from the market at any time and can accept an offer prior to the EOI End date.