A real estate agent must present all reasonable offers to the owner. The agent cannot pick and choose amongst the offers favouring one particular buyer.
Just because a vendor has your offer and is giving it serious consideration does not mean other offers are not coming in simultaneously. Unfortunately for the buyer this means that someone else can top your offer in the interim.
One move to counteract these factors is to make your offer with a date of expiration. This could vastly aid your cause, because it gives a sense of the imperative and forces the vendor to make a decision.
When making an offer you can also make it subject to various conditions. This favours the buyer, but, remember the more conditions you place on the sale, the less chances you have of your offer being accepted.
Most importantly, offers are not legally binding until both the buyer and the seller have signed a contract note (or contract of sale) and they have been notified that the other party has accepted the offer.
The contract must contain details of the property. This should always be double-checked and include price, deposit and settlement.
While the seller is not under any obligation to accept your offer, it still remains the case that a written, unconditional offer with a deposit cheque attached can be very persuasive in helping secure the purchase.
If I can be of any assistance feel free to contact me.
Noel Thompson, Principal, Professionals Logan Lifestyles
Waterford 3299 7733, Browns Plains 3800 4000, Springwood 3808 5544
www.llr.com.au
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