Offer to Purchase

Theres’ no such thing as a verbal contract!  Offers to purchase property in Queensland are done in writing on a Contract Form.  This shows that the purchaser has serious intentions.  Once a Purchaser has completed an offer in writing, the offer is submitted to the Seller for their consideration.  Estate Agents have a legal obligation to submit all offers to their client, the Seller.

Sometimes sellers see offers as ‘ridiculous’ or ‘low’, without first doing their home work.  Often the first offer is the best offer, because the Buyer is tired of not being able to find a suitable property and wants to secure yours, so they put forward their best offer.  It is not uncommon for initial offers to be 10-20% below the asking price.  It is then up to your agent’s negotiating skills to obtain the best price from the Buyer.

More often than not, a genuine written offer is at market price, as the Buyer will have done their home work and know what the property is worth in the current market.

For answers to all your real estate questions, visit our Glossary of Real Estate Terms.