Express of Interest

Discussion in 'Commercial Property' started by melbourne171, 10th Nov, 2020.

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  1. melbourne171

    melbourne171 Well-Known Member

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    I am just a newbie to CIP.

    Just wondering when the agent says 'EOI' by certain. Can I submit EOI early with low ball and negotiate the price if the vendor does not accept the offer.
     
    melbourne171, 10th Nov, 2020
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  2. melbourne171

    melbourne171 Well-Known Member

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    I gave an offer subjecting to finance approval. The agent advised me that there are another 2 unconditional offers. He invited me to the second round of offers but it must be an unconditional offer. Does it means I have a good offer but vendor is worried about my conditional offer?
     
    melbourne171, 13th Nov, 2020
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  3. wylie

    wylie Moderator Staff Member

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    Sounds like it is a best and final offer situation, like a tender. I hate tenders. But saying it must be an unconditional offer is like you are being asked to buy under auction conditions, but you may still have a cooling off period, unless they are asking that you waive that too.

    Sounds very pushy to me. No building and best or finance clause either by the sounds of it.

    I'd find another house or put in your offer with a finance clause included to protect yourself. They can ask for unconditional, but you can make your contract whatever you want to make it. I'd definitely run your offer/contract past a lawyer, especially if you don't really understand the way these work (and the way offers are made seems to be quite different in different states).

    It sounds like you want to lowball anyway, so I guess it's unlikely you'll get this house.
     
    wylie, 13th Nov, 2020
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  4. melbourne171

    melbourne171 Well-Known Member

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    @wylie Thanks for your reply.

    Lender has got back to me and said that loan has not been approved and it will take at least 1 week for approval. They advised me not to sign any unconditional offer at this time because it is very risky in current environment.

    I may let the CIP go if they request unconditional offer.
     
    melbourne171, 13th Nov, 2020
    #4