REAL ESTATE AGENT
BELLE PROPERTY COORPAROO
In this month’s real estate update, we are thrilled to feature an insightful interview with Darrell Plumridge, an experienced real estate agent from Belle Property Coorparoo. Darrell shares his expertise on navigating the real estate buying process, offering valuable insights into effective negotiation strategies and key stages of property transactions.
He also provides valuable tips on how to utilise different documents to negotiate better terms and prices. Whether you’re a first-time buyer or an investor, Darrell’s advice will help you make informed decisions and optimise your property transactions. Don’t miss this opportunity to gain insider knowledge from one of Coorparoo’s top real estate professionals.
“I do not see any difference between a Letter of Offer and an Expression of Interest. To me, they are the same. The real difference is between an Expression of Interest and putting an offer in via a signed contract.”
“Often, it’s just that the Expression of Interest document is easier as it’s a one-page (non-legal) document. It is quick and simple. If you are unsure whether you want the property but would like to see if an offer you have in mind will be accepted by the vendor, then an Expression of Interest would be best.”
“An Expression of Interest form is in no way legally binding, even if signed by both parties. However, a signed contract is legally binding (subject to conditions). What I say to buyers is that, to a vendor, a signed contract carries more weight and shows you are serious about buying this property. Higher than normal deposits can also show a vendor that a buyer is serious and may set you apart from other offers. If I had two offers, one on a contract and one on an Expression of Interest and nothing else varied, the vendor is more likely to take the offer on a signed contract over an Expression of Interest. No matter what the agent says, if you love the property, ask to put in a signed contract over an Expression of Interest. Keep in mind that a contract signed by the potential buyer is only an offer. It does not become a contract until both parties have fully signed.”
“As mentioned above, the signed contract, for me and for vendors, carries more weight and shows a level of seriousness over an Expression of Interest. Some buyers may like three or four properties and want to test the water for price on each before committing. In this case, you would only submit by Expression of Interest so that you are not legally obliged to follow through should you choose a different property.”
“As a buyer, an Expression of Interest can enable you to test if a vendor will accept your price and conditions without fully committing and may negate possible further negotiations. Once you sign a contract, however, both the agent and buyer know you are seriously interested. Then it’s a little easier for an agent and vendor to countersign (negotiate) and get your price up. Once you sign a contract, you are fully showing you want this property and that will have a bearing on negotiations.”
As we wrap up this month’s real estate update, Darrell’s insights offer invaluable guidance for navigating the buying process. His advice highlights the importance of understanding key documents and leveraging professional expertise to achieve better outcomes in the competitive market.
From buying your first home to refinancing, commercial or construction loans – our free service takes the stress out of getting finance. We offer our services Australia wide so why not reach out to us today. We’d love to hear from you.
