When buying an  investment property in Australia or New Zealand the usual agreement is by “private treaty” when the buyer makes a written offer and the seller either accepts, rejects or counter-offers.

When a written offer is presented to an agent it is usual practice for any other interested parties to be contacted so that all offers can be presented to the seller together. Although the agent is obliged to present the offer as quickly as possible, the agent also has an obligation to inform the seller of any other potential offers. Normally what happens is that the agent “calls interest” giving all other agents in the agency a few hours to get any of their prospects to make a written offer. Beware that your initial offer may be your only chance and that a low-ball offer may be unofficially outbid. Now this does not necessarily you should make your best offer or an unconditional offer but think before you act.

More on Buying Real Estate in Australia: the Offer Process