Time condition in the contract

[HelloWorld]

Hi all,

I gave a verbal figure to the agent and he would like me to write up a contract tomorrow. The house will have an open this Sunday 1pm, he said the vendor will decide whether to accept my offer after the open on Sunday.

This house had just 1 open (last week) and the price is quite cheap, I got a feeling another open this Sunday will cause more ppl to give offers.

Do you think it would be wise to put a time condition e.g. by 5pm Sunday?

Thanks

 

[Gremlin]

I'd put an offer in writing expiring at midday Sunday. It's not to your advantage letting them judge the interest from the open house. Get the offer to them at 9am Saturday morning. Don't let the REA bully you otherwise.

 

[D_One]

I agree with Gremlin, make sure you put an expiry time on the offer. Make sure the offer expires before the open time.

 

[Propertunity]

I agree with Gremlin, make sure you put an expiry time on the offer. Make sure the offer expires before the open time.

^ ^ this. I'd make the offer good until 5:00pm Saturday.

 

[Chris B]

If your offer is not accepted, get a friend to attend the open to gauge interest from others and to see what the agent is telling people (most likely using your offer as leverage). You might be able to get an idea of how far away your offer is from being accepted if your friend asks the right questions.

 

[HelloWorld]

My offer got accepted!

FYI: but i didnt put in the time condition in the contract. I know this is a risk for me but I didn't think it's fair for the vendors to have only 1.5 days to consider my offer (in fact there are 7 'vendors')

I did mentioned the time condition to the REA, so he promised (?) me he won't use my offer to get a better price. I know it's not good to trust agents but this one seems genuine. Agent said the less conditions I have the more attractive my offer will be.