Help... Put in an offer today on a property

[klassen]

Three bedroom townhouse listed on domain as Offers over $745,000.
My partner and I are looking to buy our first property and we've only just started to go out and inspect properties this past month and a half.
We really do like the property from what we saw.
So we put in a verbal offer of $795,000-$805,000 before settling on $795,000, this was recorded on an iPad before we left and were told that the agent would be in contact with us.
Got to the car realised that I needed to ask a few more questions and went back.
Asked those questions and was told that the agent had spoken with the seller , that our offer was the highest and that the seller would consider it as they have their fixed price for selling. Was told that there was one other offer just a little bit lower.
Also noted the seller was actually outside speaking to the agent when we returned just 10 minutes later.

Anyway, I'm pretty sure I've already shot myself in the foot here by first offering over the listed price. Second by giving a price range and even though we offered the lower, the agent knows we were considering offering more as an initial offer.

I have not signed anything as of yet.
We've got a pre-approval for up to $900,000 and enough deposit to have a 80:20 LVR for that pre-approval amount.

I want to know, how can I withdraw this offer.
Do I need to withdraw the offer by email, sms or simply by phoning the agent and giving a spiel about finding another property that we're more interested in?
Where do I stand if the agent contacts me first and indicates that the seller has accepted our offer, even though nothing has been signed. This has not happened yet. Can I still withdraw the offer on the spot?

Thanks for your help

Yeah, I'm really dumb and panicky at the moment.

 

[Prop_Perspectiv]

I've withdrawn verbal offers before with no consequences. Even when I sign a contract I have break clauses in there (general building/pest inspection, finance, even things like subject to partner seeing property, etc).

I don't think you have anything to worry about.

 

[Aaron_C]

Listing price might be the right price. Work out what it's worth....

 

[Jake Milne]

In Victoria, if it's not in writing then it's not an offer.... and by writing I mean a fully completed contract with the vendors signature stating it is a full contract.

 

[westminster]

Doesn't sound like an offer to me - sounds like a conversation with a REA where something was written on an iPad.
An offer is not an offer until it is written on the relevant RE body of that state and signed by your the Buyer, it is not accepted until it is signed by the Vendor/Seller.

Until then nothing has happened.

 

[see_change]

Do you have comparisons , recent local sales ?

Have you been looking around long enough to " know " what the value is at the moment ?

Is this a PPOR or an IP ? No hesitation with drawing from an IP , however if it's your dream PPOR , a different situation.

The market is hot in sydney at the moment and most properties are going for more than the " offers over " price , though it depends on the area as to much over.

Cliff