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Expressions of Interest - how does it work?

Discussion in 'The Buying & Selling Process' started by Ace in the Hole, 16th Jul, 2015.

  1. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    This probably applies more to Commercial or development sites, but how exactly does it work?
    Do you have to fill out a form with all the conditions you propose?
    Do you submit an offer like a silent auction?
    Do you only get one shot with an offer?

    Thanks
     
  2. Chilliblue

    Chilliblue Well-Known Member

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    With commercial you have a basic guide and essentially you lay all your best cards on the table.
     
  3. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Thanks.
    What's is the basic guide?, a rough indication of what the vendor is seeking?
     
  4. bob shovel

    bob shovel Well-Known Member

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    Not 100% but sure i'll have a crack.

    Id say you list the conditions that you base the price on, unless something is provided for you to price against.

    You wouldn't be submitting an "offer" as a formal agreement to buy, it would be something for the seller to look at and consider. It would initiate further discussions and conditions between the parties to move to the next step and filter out serious buyers
     
  5. Special order

    Special order Well-Known Member

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    Don't express it too early, know when the exact cut off time is
     
  6. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Looking in a bit deeper, doesn't seem very appealing as a buyer, unless you're a gun with plenty of experience.
    It just seems like it gives the vendor all the power and gives the impression they don't need to or won't sell unless everything is in their favour.
    I could be wrong...
    I'm referring to commercial property in the multi mils in this case.
     
  7. bob shovel

    bob shovel Well-Known Member

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    There could also be council involvement and conditions from them perhaps, or they are reviewing the buyers plans for DA
     
  8. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    Depends on if resi vs commercial?