How does it work?
Your home is advertised at a set asking price or a specified range (e.g. it may be advertised as ‘Buyer Enquiry Over’ (BEO) a certain price).  Interested buyers can make an offer on a Sale and Purchase Agreement form, which the agent will then present to you.

You can accept the offer, reject it, or put in a counter-offer.  Your counter-offer may include changes to the price or the conditions, or both.  To make a counter-offer, you simply amend the Sale and Purchase Agreement accordingly and sign it. 

Don’t be disappointed if the initial offer from a buyer is below your expectations.  Most buyers will put in an initial offer below your asking price (and often below what they are prepared to pay), so negotiation is usually expected.  The agent will act as the go-between, presenting offers and counter-offers to you and the buyer, until you reach an agreement.

If you can’t reach an agreement, the buyer may withdraw their offer or you may withdraw your counter-offer.

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