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Warning to Island Property Buyers

Warning to Island Property Buyers

Bay Islands Property is presently experiencing a high number of interstate buyer enquires from Sydney and Melbourne. This is resulting in many buyers missing out on the property they wanted to buy, simply because another buyer has acted more quickly, often with a better offer (price and/or terms).

As a property Buyer, if you see a property you like, act quickly to secure the property. When buying property in Queensland you do have the security of the 5 Business Day Cooling Off Period, as well as being able to buy a property subject to Building & Pest inspections, and/or finance.

As Agents, we MUST present ALL offers to our clients, (the property Seller), should the offer be verbal, or in writing. Imagine that you have submitted a verbal offer to an Agent, the Seller has agreed to your offer, the Agent has sent you (the interstate buyer) the Purchase Contract to Sign, but in the meantime another buyer has also contacted the Agent with an offer. The Agent is required by law to submit the second offer to their client (the property Seller), who is the person making the final decision what to do with the multiple offers.

In one recent case, the first interstate buyer signed and returned the Purchase Contract to me, but they had made mistakes with the contract and the contract would have been invalid if the Seller had signed the contract. I asked this buyer to correct the mistakes and return the contract to me as soon as possible. During this time another interstate buyer wanted the same property, they immediately signed and returned the purchase contract at a higher price and with a shorter settlement period. The Seller had been informed that the first signed contract was still pending. They decided to go with the second buyer because their contract was in hand and acceptable to what they wanted.

When in doubt, talk to the Agent who has the property listed for sale and ask them what you need to do to quickly secure the property.

Chris McGregor 0420 555 997

8 July 2021

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