Deadline Sale and Multi Offers
| # | Post |
|---|---|
| 1 | We put a backup offer on a property that had an offer accepted where the purchasers had to sell their own property. The deadline for this condition was approaching and the purchaser hadn't had an offer on their property so the vendor asked the real estate to hold open homes again to get a backup offer. We were told by the agent that the purchaser would have 3 working days to get their finance in order. We filled in the S&P agreement and the next day were told the vendors had decided to go to a deadline sale for 5 working days later as the purchasers had now had an offer on their property and were given 5 more days to go unconditional. The fifth day is tomorrow. My question is, if others had put in an offer like us, would it then go to a multi offer situation? catdog68 - 2021-09-16 20:13:00 |
| 2 | And further to my post above, the same real estate company is selling both properties. catdog68 - 2021-09-16 20:15:00 |
| 3 | did they accept your offer as a backup offer- i.e legally binding if that one fell through? If not a bit risky depending on the market wherever you are. aromatherapy - 2021-09-16 20:30:00 |
| 4 | aromatherapy wrote:
No the didn't accept our offer, they changed it to a deadline sale which ends tomorrow at 4pm catdog68 - 2021-09-16 20:35:00 |
| 5 | I’m theory, if the agent was presenting multiple offers they should have already triggered a multi offer situation. But there’s nothing to stop them changing to a deadline sale as long as everyone is given the chance to resubmit any amended offers. sparkychap - 2021-09-16 21:37:00 |
| 6 | Deadline Sale/ Treaty. The property vendor looks at all the offers with the real estate agent and either accepts the best offer or the vendor gets the real estate agent go back to negotiate with one with the highest bid or more of the higher person/s to get them to raise their offers etc. serf407 - 2021-09-16 21:39:00 |
| 7 | serf407 wrote: No, the vendor might well accept the second or third highest offer straight off. sparkychap - 2021-09-16 22:11:00 |
| 8 | serf407 wrote:
Rubbish. johnston - 2021-09-16 22:56:00 |
| 9 | catdog68 wrote:
If there is more than one offer it is a multi offer. johnston - 2021-09-16 23:01:00 |
| 10 | Hoping that you reduced your offer. or even better, walked away. headcat - 2021-09-18 09:38:00 |
| 11 | You are not in a multi offer situation on the property you want to purchase. I think what has happened here is the first in line purchaser has been told about your offer and they have taken extra steps to to get their property sold quicker. Your offer has installed some urgency in them. The vendor of the property you want to purchase has allowed this. Must be a better offer. superdave0_13 - 2021-09-18 09:55:00 |
| 12 | superdave0_13 wrote: they've allowed it by starting a deadline sale process? sparkychap - 2021-09-18 12:14:00 |
| 13 | Wasn't it the first purchaser that was doing that with their property? but I'm confused now. superdave0_13 - 2021-09-18 13:48:00 |
| 14 | superdave0_13 wrote: the OP's post is a little confusing but I read it that there was an offer on the property subject to sale but it was getting towards the end of the condition period and not looking like it would go unconditional, so the agent started running open homes to get a back up offer. OP put in a back up offer, but then was told the agent was running a deadline sale instead. I think....! sparkychap - 2021-09-18 13:57:00 |
| 15 | Although rereading, this is confusing: "We were told by the agent that the purchaser would have 3 working days to get their finance in order. " So presumably it wasn't a back up offer, but an active offer that would trigger a "cash out" / "escape" clause in the original offer. I'm guessing the OPs offer wasn't as much as the vendors or agent thought they could get thus deciding to run a deadline sale to try and elicit more and higher offers. Edited by sparkychap at 2:15 pm, Sat 18 Sep sparkychap - 2021-09-18 14:14:00 |
| 16 | Running a deadline sale after the fact is a strange thing to do. They should have led with it.. superdave0_13 - 2021-09-18 18:33:00 |
| 17 | superdave0_13 wrote: As I said, perhaps they weren't getting the level of offer from OP, but perhaps had other interest so decided to switch to deadline to "instill a sense of urgency" to flush out the other offers and competition. But speculating at this point.... sparkychap - 2021-09-19 08:43:00 |
| 18 | sparkychap wrote:
But the OP doesn't appear to have a made an offer during that process. AFAWK there was only one offer. committed - 2021-09-19 09:03:00 |
| 19 | sparkychap wrote:
The back up offer was rejected and the OP doesn't appear to have taken part in the deadline process. committed - 2021-09-19 09:05:00 |
