January 01, 2021
Buying via Expressions of Interest
An Expression of Interest campaign (EOI) requires all interested buyers to ‘express their interest’ by formally submitting an offer to the Jellis Craig Sales Consultant.
Key aspects of this sales approach include:
- EOI campaigns may or may not advertise an EOI closing date and time. If the campaign has a closing date and time, ensure your offer is submitted prior to that closing date and time. If the campaign does not have a closing date and time, you are encouraged to submit your offer as soon as you are ready.
- It is Jellis Craig’s practice to disclose all offers to interested parties. In the event multiple offers are received, each buyer will be invited to increase their offer price (as often as deemed necessary) until such time as one offer is determined, by the vendor(s), to be the “best and final” offer, at which point the sale will conclude with signing of the Contract of Sale (subject to the price being accepted by the vendor(s)).
- Whilst we acknowledge that disclosing buyer offers can create some tension, the process is in fact very similar to a public auction, whereby all bids are made in absolute transparency and acknowledged by the auctioneer. We believe this negotiation process is fair to all interested parties.
- Notwithstanding this, there may be special instances where the vendor(s) instructs the Sales Consultant to sell the property without a competitive negotiation process.
- In some cases, EOI campaigns may conclude by conducting a Private Auction under Exclusive Sale conditions.
For further details or any questions on the property you are intending on bidding on, please speak with the managing agent or the auctioneer.