As the real estate market hots up the likelihood of you winding up in a multiple offer situation are very high so you need to know what to do.
Consider this scenario. You’ve found a house for sale in leafy Fig Tree Pocket and you want to buy it but the agent tells you they already have an offer on it. An uneducated investor might just walk away, but read and learn, my friends…..
In Queensland a property is NOT SOLD until the seller has confirmed the contract by signing it and acceptance has been relayed back to the buyer making an offer. Just because someone signed a contract (even at or above asking price) it is still only an expression of interest until the seller has accepted the offer and signed the contract. The property should not be taken off the market until the seller has signed the contract and the agent should continue showing the property to buyers until this has occurred.
So ask the right questions and you might find yourself in a Multiple Offer Situation. This is great because you’re still in the race and you didn’t get tricked by a lazy real estate agent into walking away from your dream home.
When you’re in a multiple offer situation you should be contacted by a neutral third party such as a Sales Manager or Principal to ensure confidentiality and fairness to all buyers. As a buyer in a multiple offer situation, you will be asked to sign an REIQ Acknowledgement of Multiple Offers Form and return this to the Agency immediately with your best offer in contract form. This Multiple Offer Form is evidence that you understand that you are in competition with other buyers.
ONE CHANCE. You only have one chance to put in your best offer, but what the seller considers to be the best offer may differ from your thoughts. It is always the SELLERS CHOICE as to what offer they take and who they sell to. A seller may choose a buyer they like or a lower priced contract with a condition that suits them. For example, you might be offering above list price but your offer is subject to clauses that concern the sellers. Or the sellers have already seen the adorable kids of your competition and want them to enjoy the back yard for the next ten years. Remember, this is out of the control of the agent.