Being told there is more than one offer can make a purchase feel urgent. The useful response is to understand the process, review your own position and put forward terms you can stand behind. Competition does not remove the need for legal advice or property checks.
Settled explains that a multi-offer situation involves more than one written offer. Ask the salesperson how offers will be handled, when yours must be received and what acknowledgement is required. If the situation changes, ask how you will be informed. The agent acts for the seller but must deal fairly with buyers.
Read Settled’s explanation of written offers and competing offers before the decision becomes time-critical. A conversation about interest in a property is different from a written offer for the seller to consider.
Return to the budget you agreed with your lender, allowing for legal work, inspections, moving and work the property may need. Consider the home’s suitability alongside its price. If you would regret being committed at a higher figure, competition is not a reason to ignore that limit.
A comparison sheet can help: list your proposed price, deposit, conditions, settlement date and unresolved questions. Mark the points you can change comfortably and those requiring advice. Speak with your lawyer before changing conditions or signing revised terms.
The seller considers price and terms together, so the highest price is not necessarily the offer chosen. There may be no opportunity to revise your proposal later. Make sure the version submitted is the one you intend, and understand any expiry and condition dates.
Do not assume matching another buyer’s supposed position will produce an agreement. Concentrate on your own informed proposal. If the seller seeks changes, have them reviewed and decide whether they still fit your circumstances.
If your offer is accepted, work with your lawyer and lender on the required actions. If it is not, record what you learned about your priorities and return to homes that meet them. You can ask the listing salesperson whether they may contact you if the position changes, without treating that possibility as a confirmed purchase.
Read making an offer, use the property-check guide or browse current homes. Ray White Devonport is available on 09 445 9777 for property and viewing enquiries.