12 May Selling your home by expressions of interest (EOI)
Most people sell their home by auction, private treaty or sale by fixed date. But owners of high-end, unique properties often decide to sell their home by expressions of interest.
Plenty of benefits
The upside of choosing the EOI route is that a seller gets all the benefits of a standard sale, combined with the urgency of an auction, just minus the stress! It’s also a discreet process, as the accepted price is not disclosed to any other interested parties. What’s more, EOI can be a valuable tool to help a seller understand the true market value of their property.
Understand your market
Every method of sale has its good points and its bad. So, if you’re a seller deciding which method of sale to use, you need to have a clear understanding of the current market and the local area trends.
Market your property
If you decide that EOI is the way to go, your home will be on the market for between four and six weeks. This allows potential buyers plenty of time to take a good look around the property, make the decision to buy and get their finance in order.
Make your best offer
Interested buyers are asked to submit their offer in writing by a particular time and date. Crucially, this written offer must be their best and final offer. It should clearly outline their terms, such as inclusions, exclusions, proposed settlement date, plus any finance conditions.
A confidential process
Once the deadline has passed, the agent will get together with the seller to discuss the offers received. This is a confidential discussion between vendor and agent. The prices offered are not disclosed to any other party.
A once-only opportunity
EOI does not involve negotiation. Unlike a private treaty sale, where prices and terms go back and forth, this is a one-off opportunity for a potential buyer to make their very best offer.If the seller accepts, the sale will take place on the terms agreed. If they reject all the offers received, the seller may repeat the process or sell using one of the other available methods.If you’re keen to sell and you’d like to discuss the best way to market your property, please contact Ed on 0418 660 063 for an obligation-free consultation.