Auction and offers

[Aussiebird 90]

When a house is listed with a "current bid" does it mean highest bid wins, is there a limit to how long the bidding goes on for?

Expressions of interest is another one I see, what does it mean in terms of buying and putting an offer in?

Just curious as havent bought a house in Australia before.

Thanks xx

[newjez 9,807]

18 minutes ago, Aussiebird said:

When a house is listed with a "current bid" does it mean highest bid wins, is there a limit to how long the bidding goes on for?

Expressions of interest is another one I see, what does it mean in terms of buying and putting an offer in?

Just curious as havent bought a house in Australia before.

Thanks xx

I could be wrong but I thought current bid meant they had an offer, but it was subject to sale.

So if someone came through with a cash offer, then the owners could drop the current bid and take the cash offer.

But the estate agent should be able to tell you.

Expression of interest are just that. It's basically an invitation to start haggling. Same with overs over, or mid to high whatever. You tend to get more of that sort of thing in a slow market.

 

Edited August 12, 2020 by newjez

[calNgary 8,548]

Expression of interest in terms of real estate (according to our friend Google) means -

Expressions of interest, or EOI, in real estate are used to gather offers for properties without disclosing the price for which the vendor is prepared to sell. ... Expressions of interest are used by agents so they don't scare off potential buyers for a property by quoting a price range