Welcome to Property 101 and today we’ll discuss – What to expect in a Multiple Offer Scenario in Queensland?
As the real estate market continues to evolve, it’s becoming increasingly common for properties to receive multiple offers from potential buyers. For those in search of their dream home or investment property, this can make for a highly competitive buying environment. At Templeton Property, we’ve seen this scenario play out time and again, with many of the properties we attempt to purchase for clients receiving multiple offers. In this blog article, we’ll cover what you can expect in a multiple offer scenario and how to navigate it successfully.
Before we dive into the specifics of multiple offer situations, it’s important to understand the relevant legislation in Queensland. In particular, the Property Occupations Act 2014 (POA) outlines the rules that real estate agents in Queensland must follow. Under the POA, agents must ensure that all offers are presented to the seller in writing and within a reasonable time frame.
What Happens in a Multiple Offer Scenario in Queensland?
When a seller receives multiple offers, they have several options. They can accept the highest offer, negotiate with one particular buyer, or reject all offers and start the process over again. As a buyer, it’s important to understand that the seller is not obligated to accept any offer, even if it is the highest one.
The seller’s real estate agent will typically inform all buyers who have submitted an offer that they are in a multiple offer situation. This allows buyers to decide if they want to revise their offer or withdraw from the process. Additionally, it is common place and best practice that agents use a multiple offer form that requires each party that has made an offer to sign, acknowledging that they have been made aware that this is a multiple offer scenario and that they may not have the opportunity to make a second offer.
If you decide to revise your offer, it’s important to do so quickly and effectively. Consider increasing your offer, shortening the settlement period, or including additional terms and conditions that may be appealing to the seller. However, it’s important to keep not go over your budget or include terms that you are not comfortable with.
Negotiating in a Multiple Offer Scenario in Queensland
If the seller isn’t happy with the offers received, the process can become more complex. In this scenario, the seller’s agent will typically contact each buyer and may ask for a best and final offer from each buyer before making a final decision.
As a buyer, it’s important to be prepared for these negotiations. Consider what terms you are willing to negotiate on and what your maximum budget is. Keep in mind that the seller may not accept your offer – even if you are the highest bidder, as they may prefer other terms or conditions.
Understanding the nuances of how to buy your new home or investment property can be a key advantage in a competitive market. At Templeton Property, our team of experienced Buyer’s Agents can provide you with the insights, knowledge and strategic guidance you need to succeed. From finding the right property, to negotiating the best terms, whilst navigating the most complex of multiple offer scenario, we’re here to help you achieve your goals.
A multiple offer situation can be a challenging and stressful experience for property buyers in Queensland. However, by understanding the relevant legislation and the process of multiple offers, buyers can navigate this situation with confidence. Remember to be prepared, flexible and willing to negotiate to secure your dream property. All the best!
If you are considering purchasing a home or investment property in Brisbane or South East Queensland and would like the assistance of an experienced Brisbane Buyer’s Agent that can help you find the perfect property, that meets all your requirements for the right price, please don’t hesitate to contact us.
We look forward to hearing from you.
Sam Price, Buyer’s Agent and Director – Templeton Property.