Sale by Expressions of Interest (EOI) is when you invite buyers to submit an offer to purchase your property by a specified time and date. Each potential purchaser puts forward their best and final offer (in writing).
Generally, your property will be on the market for 4-6 weeks. This will allow you to promote your
property effectively while ensuring that buyers get ample time to look through the home, finalise their
finance and determine the price they are willing to pay.
When submitting an expression of interest, the buyers need to include the price they are willing
to pay, the conditions of sale, such as settlement dates, finance conditions, and inclusion and exclusions of the sale.
When submitting an expression of interest, the buyers need to include the price they are willing to
pay, the conditions of sale, such as settlement dates, finance conditions, and inclusion and exclusions of the sale.
At the end of the sale period, the vendor will review submissions and choose the expression of
interest that suits them the most. If the vendor doesn't find an acceptable offer, the property
may be placed on the market as a private treaty sale or EOI’s may be called again.
If you are a buyer putting in an offer, remember that you may only have one chance to secure the property.
Therefore, always try to put your best offer forward to ensure you’re not disappointed later on.
Expressions of Interest provide you with the benefits of a private treaty sale,
but with the urgency of an auction without the potential stress.
Some of the benefits of selling your property by Expressions of Interest or Tender include:
This method of sale shows you are confident about your property and a successful sale.
Tenders offer the intensity of an auction but without the potential stress of an auction day
Tender enables you to keep the price you may accept for your property discreet and lets the market dictate the price buyers are prepared to pay.
A tender has a closing date to create a sense of urgency in the buying process.
This method of sale generates competition for your property.
Ready to sell your home? Request a free appraisal from your local Innerwest Property real estate agent today
to get a better understanding of where your house stands in the current market today. It will also
give you the opportunity to discuss what the best sales method is for you and your house.