Offer Process
We understand how difficult it can be to form a solid understanding of the offer process, due to the inconsistencies in the way different companies operate. We are proud to say that we at Ash Marton Realty have consistent and reliable procedures around the handling of offers and one of two processes will be followed, depending on the circumstances as detailed below.
Making an offer
In order to make a written offer on a particular property we require the following
- Full names (of all parties who are to appear on the contract)
- Current address
- Offer price
- Deposit amount (Generally this is 10%)
- We also require an immediate initial deposit being 0.2% of the offer price (This amount forms part of your 10% deposit that you will be required to pay within 2 weeks of your offer being accepted. Should your offer not be accepted this is refunded back to you.
- Settlement date (Generally 30, 60, 90 or 120 days)
- Conditions of your offer ( e.g. subject to finance being approved, subject to a building or pest inspection, etc.)
Once we have these details we will promptly formalise your offer and you will be required to sign a contract of sale and a Section 32 document. Once all documents have been signed we will present your offer to our vendors for their consideration.
Mutiple Offer Process
In a hot market it is not uncommon for a single property to receive multiple offers after an open for inspection. In some cases we have received in excess of 10 written offers on a single property. In the best interest of all parties, interested buyers are given an equal opportunity to put their strongest offer forward for the vendor’s consideration. Below is the form and process we following when handling a multiple offer situation.
More Than One Interested Party
The agent has made us aware there is at least one other buyer interested in making an offer for the Property and to be fair to all parties, the multiple offer process has been enacted.
Best Foot Forward
The agent has advised us to put our “best foot forward” and we acknowledge that should the seller’s decide to accept another buyer’s offer, it will be too late to increase our offer or change our conditions.
Offer Confidentiality
The agent warrants that no other party will be aware of our offer (including offer conditions) until it is presented to the seller. The agent will also not divulge the other buyer’s offer to us.
Offers To Be Presented To The Seller
The agent will present all written offers to the seller as soon as is practicable. Generally within 48 hours after receiving the first written offer.
More Than One Agent Has An Offer
To ensure fairness to all buyers, if more than one agent has an offer on the property, the offers will either be presented to the seller by both agents or by an alternative agent who will receive no financial benefit from the transaction.
The Seller's Options
The seller will have the following options: accept one offer, choose to negotiate exclusively with the most appealing offer, or reject all offers.
The agent will contact us once the seller’s final decision has been made
If the seller chooses to reject all of the offers, then all buyers will be given further opportunity to submit another offer.
