Our process for handling offers
At Ray White Phillip Island, we strive to provide the most consistent and reliable process for purchasing real estate in our region. Unless otherwise instructed by the Vendor, we will follow the below processes.
Making an offer
When making an offer with Ray White Phillip Island you will be required to present your offer in writing using the offer link provided by your Agent, our Letter of Offer or Buyers Declaration form. Once your offer is complete we will then proceed to present this written offer to the seller for their consideration.
Providing a fair buying environment
Upon receiving an offer on a property, we will notify any outstanding parties that have expressed an interest in the property and provide them with a fair opportunity to also make an offer.
One interested party
If there are no other current offers on the property, then you will be negotiating exclusively with the seller and the seller may choose to either accept your offer, decline your offer or provide a counter offer for you to consider. Should a second offer be placed on the property by another buyer we will notify you as soon as possible and the negotiation would enter into a multiple offer situation.
Multiple offers
If a second offer is put forward by another party the agent will make all parties aware that there are now at least two parties interested in pursuing the subject property. To ensure a fair process for all concerned a closing deadline for offers to be submitted will be set – this is usually 24-72 hours, however times will vary and all parties will be kept informed.
Confidentiality
The agent will advise all parties that each individual offer will be kept confidential and not be disclosed to any other party. This includes price, deposit and any special conditions.
Best Offer
The agent will make each party aware that they will only have one opportunity to put their best foot forward. Should the Seller accept another Buyers offer it will be too late for any party to increase their offer or change their conditions.
The Seller’s Options
The Seller will have the following options:
Offers will be presented to the seller as soon as possible post-closing deadline and each party will be advised of the Sellers decision within 24 hours. Should the Seller choose to reject all offers, then each party will be given a second opportunity.
Statement of Information
Should the Seller reject all offers the agent will update the price on the statement of information to reflect the Sellers expectations within 24 hours.
Prior to making an offer on any property
We suggest that you:
* Conduct thorough market research to identify the values in the area.
* Consult your finance broker to ensure your finances are in order.
* Where available, send a copy of the Section 32 and Contract of Sale to your conveyancer for review.
* Thoroughly understand the fixtures and fittings included with the sale.
* Consider the Sellers preferred terms to strengthen your offer.
Seller’s acceptance
If a seller accepts your offer verbally please be aware that your purchase is not assured until contracts are signed by both the buyer and the seller. Once contracts are exchanged by both parties the sale is legally binding and your purchase is assured.
Our commitment to you
At Ray White Phillip Island we pride ourselves on delivering a fair process for all parties concerned. Should you have any queries, complaints or suggestions at any time please contact our team on 5952 2799.