Expressions of Interest (EOI)
A third option to selling your property is to invite offers to purchase by a specified time and date. This is typically called For Sale by Expressions of Interest (EOI).
In these instances, a property will generally be on the market for 4-6 weeks to allow potential purchasers to view the property. If they are keen to buy, the agent will ask them to complete an Expression of Interest.
Expressions of Interest will close on a specified day and time, and each potential purchaser will need to put forward their best and final offer (in writing). As well as a price that the purchaser is willing to pay, conditions of sale will also need to be added to the offer, including settlement dates, finance conditions and inclusions and exclusions of the sale.
After EOI's close, they will be be discussed with the vendor. It's important to know that your offer can only be shared with the vendor. It cannot be disclosed to any other party, such as other purchasers.
If you're putting in an offer, remember that you may only have one chance to secure the property, so put your best foot forward so you're not disappointed later on.
If an acceptable offer is not found by the purchaser, the property may be placed on the market as a private treaty sale or EOI's may be called for again.
To assist consumers with real estate queries, REISA operates a free information service – REISA Query Connect on free call 1800 804 365, between the hours of 9.00am to 4.00pm each weekday. This service is staffed by knowledgeable real estate professionals with many years of practical experience.