Expression of Interest form in QLD

[s_t]

I'm keen on a house in Bris, for which the agent is handing out 'expression of interest' forms. It is a one pager, wanting details on offer price, conditions, finance, building etc - all the stuff that in QLD we'd normally put into the contract itself as an offer.

Haven't come across this in QLD before, so just wondering why the agent may be using this technique? The vendors are apparently an old couple in Vic (is this typical down there?).

 

[wylie]

I'd say the vendors are used to that system but more likely that the agent is using this as a means of gauging the level of interest and the likely price.

I'd ignore the expression of interest form and tell him you want to go straight to contract (if you are wanting to buy, that is). Give a deadline for your answer so he cannot use your contract as a lever to get a higher offer from someone else.

 

[s_t]

Thanks for that Wylie. The property is very reasonably priced and there seems to be a bit of interest in it - I've been through it twice and are taking a builder Mon. As are another family. I think they may be planning on using it to generate a bidding competition, as it would be much easier to get someone to fill in and submit a simple form like this (and talk about how much interest they have), than a proper offer/contract which is far more 'intimidating' and serious.

Your suggestion to ignore this and go straight to a contract, with a time limit, is a good one which may help stop this. The agent was even talking about mailing the contract down, after expressions of interest are 'agreed/finalised', as they are very old and don't like technology or something - might all be bluff from agent though.

Am I able to make a proper offer without the agents help? I can fill most of the contract details (the important bit!), but don't I have to have/sign an agents disclaimer form first (that explains there interest/fees etc for it all)?

 

[wylie]

I don't know the answer to that but if you send an email to peterw (do a search in the blue shaded heading area to find him), he will be able to answer you.

Good luck!

 

[Peterw]

Quite a few agents are now using an "Expression of Interest" form. They were first used many years ago, and for some reason they disappeared, however with the "volume" of paperwork with contracts these days, if there are a few people interested in a property at the same time, its a quicker and more environmentally friendlier way of finding out what the "pecking order" of the interest is, and naturally you with start to negotiate with the people at the top of the order, not the ones on the bottom. As always, when there is more than one person interested, the pendulum then swings in the sellers favour a bit more. Hope that helps.

 

[Prop_Pursuit]

Hi

I agree with wylie. I am late to this thread but our advice to clients is to always go to contract to indicate you're a qualified buyer and not an 'interested' one. Placing a time limit is a good strategy if there is in fact other interested buyers. If there are other buyers the agent should present you with a multiple offer acknowledgement.

 

[Peterw]

Wylie, Prop, I appreciate that as a buyer, you would want to do what steps you can, to advantage your self. Sadly, as the vendors agent, our role is to do what we can to assist the buyer, however to advantage the seller as best we can. I am sure every one understands that.

 

[random]

I'm keen on a house in Bris, for which the agent is handing out 'expression of interest' forms. It is a one pager, wanting details on offer price, conditions, finance, building etc - all the stuff that in QLD we'd normally put into the contract itself as an offer.

Haven't come across this in QLD before, so just wondering why the agent may be using this technique? The vendors are apparently an old couple in Vic (is this typical down there?).

He just wants to scam someone into being bound and tied.It's all about persona, smoke and mirrors, to agents like that.

Don't worry about him and to hell with his bs, if you want it call your own shots and do it the way you want to- what his not gonna sell it to ya - me thinks not !

When the boom got underway , suddenly it went from - we'll work something out to - 20% deposit as standard on every property ad . Just bs , agents just getting a big head and trying to absolutely seal deals up because just for once people were actually beating the doors down.

Cheers