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Peter Kelaher: Hi, everyone. I'm Peter Kelaher, director of PK Property, Sydney's largest
buyers' agents. Today, I'm going to talk to you about expressions of interest. Expressions
of interest is another way of selling a property. What the agent does is they have a cutoff
date, and on that cutoff date, everyone has to put in their best and final offer in regards
to what they're prepared to pay for the property. All the envelopes are opened, and in most
cases everyone thinks that the highest offer will actually will the property.
But that's not always the case, because the vendor still has a reserve when they're talking
about selling their property. If that actual property has not met the reserve in the expressions
of interest letters, they will come back and then have what they call is a Dutch auction,
where they will actually turn around to everyone and start asking them for their highest bids
in regards to getting the property over the line.
I don't like expressions of interest myself, and I actually suggest that you don't enter
into expressions of interest, that you try and purchase the property before, and don't
get into this situation. If you do need a hand in regards to buying a property in Sydney,
and you are involved in either auction or expressions or interest or just need some
information on what a property's really worth, feel free to give us a call on 99-60-1066.