If you've been putting in offers on houses recently, you may have come across something called a multi-offer contract and not been entirely sure what it meant. Let's break down what multiple offers mean and how to handle them.
What is a multi-offer process?
A multi-offer process gives buyers a fair chance to submit their best offer for a property and tend to occur when there's a decrease in affordable properties and an increase in buyers in the market. For this scenario to occur, there must be more than one offer in writing, allowing the seller to choose which offer works best for them.
There are significant penalties for agents who deceive or mislead buyers to suggest there is are multiple offers if there aren't any.
What is a multi-offer contract?
Your agent will give you a 'multiple offer' form or acknowledgement stating that you're submitting your best offer. In signing this, you acknowledge that your offer is final and that you cannot increase or change your offer if your conditions change.
Under the Property Occupations Act 2014, real estate agents have to submit all offers that follow the seller's instructions. For example, if the seller has specified they'll accept no offers under a specific price, then this acts as an exception to the rule.
How do I give my offer the best chance?
While it can be challenging to know what the seller is looking for, there are a couple of things you can do to help increase your chances:
- Talk to the agent and make sure you understand the sales process along with any deadlines you need to meet for submitting an offer.
- Research the property, looking into its market value and the real estate's assets to help you plan the best offer you can make.
- Remember it's not just about price. A lower offer with fewer conditions may look more attractive to sellers than a higher offer with more requirements. If you're able, you may wish to consider submitting a cash offer which has no conditions such as building and pest or finance attached.
If you're looking to buy or sell property in Queensland, give me a call, and I'll be happy to sit down with you and answer any questions you may have.
Thinking of selling your property?
I am happy to come and see you to give you an appraisal with no obligation. An appraisal with me can give you expert industry knowledge about what’s happening in the local area of your property, information about any recent changes in the market along with some examples of what services you can choose when selling your property with us.
With a fair and ethical mindset, you can be sure that together we achieve the best possible sale experience for you and your future!
CONTACT KATH CHOWN TODAY | 0458 912 906 | email@example.com