Hi everyone,
We are currently interested in a property that is up for Private Sale. We've called up an agent and he has said that we should fill out their Letter of Offer to Purchase and submit it to them. He also mentioned that someone else has expressed interest in the property and that once we have submitted our offer, the other party will be given 24 hours to submit their own offer.
Is this practice common in Victoria? We're concerned that the REA may just use our offer to try and hold some sort of silent auction between us and the other party.
Also, the letter to purchase has no sunset clause anywhere. Can we just add this in another sheet (no space in all the other pages of the form) or is it safer to have a handwritten note in one of the existing pages?
We've also asked the REA if after the 24 hours and the other interested party has not responded, will he then present the offer to the vendor and he was pretty vague. Should we be worried?
Sorry for the long post. Hope someone with more experience can help!
We are currently interested in a property that is up for Private Sale. We've called up an agent and he has said that we should fill out their Letter of Offer to Purchase and submit it to them. He also mentioned that someone else has expressed interest in the property and that once we have submitted our offer, the other party will be given 24 hours to submit their own offer.
Is this practice common in Victoria? We're concerned that the REA may just use our offer to try and hold some sort of silent auction between us and the other party.
Also, the letter to purchase has no sunset clause anywhere. Can we just add this in another sheet (no space in all the other pages of the form) or is it safer to have a handwritten note in one of the existing pages?
We've also asked the REA if after the 24 hours and the other interested party has not responded, will he then present the offer to the vendor and he was pretty vague. Should we be worried?
Sorry for the long post. Hope someone with more experience can help!