A multiple offer situation is when more than one party is interested in making an offer on a property. Harcourts has formulated a system to handle multiple offers that is fair to all parties concerned.
Common conditions of sale are: subject to finance, a builder’s report, Lim report (landing information memorandum), sale of another property, solicitor’s approval of the contract or specialist report and approval.
You will be provided with details of relevant sales in the area and advised of any price guidelines that are available for the property.
The offer will be prepared on a standard approved contract and you will be asked to sign the required number of copies. Once this process has been completed your sales consultant will check whether any other interested parties are putting in an offer. If this is the case then you will be kept fully informed.
The seller can accept your offer, reject it or counter sign it. Counter signing usually occurs when the seller is not satisfied with the price offered and/or conditions included and subsequently alters them. The contract will be brought back to you for your consideration. If you accept, you initial the seller’s alteration and the property is under offer to you subject to any conditions that the contract may contain. Alternatively you also have the right to counter sign. Your sales consultant will continue negotiations between you and the seller until you are both in agreement.
This process does not occur when buying at auction.