Buying property can be an overwhelming process, and one of the most frustrating things to hear from a real estate agent is, “An offer has already been accepted, and we’re just waiting for the contracts to be drawn up.” You might think that means the property is off the market, and your chance to buy it is gone. But here’s the reality: until the contract is signed, the property is still available.
This common misconception can prevent many buyers from pursuing their dream property, but you don’t have to let it stop you.
The Misconception: Accepted Offer Means “Off the Market”
When an agent says, “We’re not taking any more offers,” they are likely referring to the fact that the vendor has verbally accepted an offer. However, verbal agreements hold little weight in real estate. Until a contract is signed by both parties, the vendor is not legally bound to any offer. This means the door is still open for other buyers to come in with a stronger offer.
The Legal Truth: Agents Must Present All Offers to the Vendor
By law, real estate agents are required to present every offer to the vendor, regardless of whether an offer has already been accepted verbally. Many buyers are unaware of this fact and feel like they have missed out, when in fact, they still have a shot.
Even if the agent tells you that no more offers can be accepted, the law requires them to take your offer to the vendor. If the agent says otherwise, they are either misinformed or may be trying to avoid complicating the sale. Do not accept this as the final word. The vendor has the legal right to consider all offers until they have signed a contract.
How to Strengthen Your Position
Now that you know the property is still technically available, how do you derail the initial offer and give yourself the best chance of success? Here’s what you need to do:
- Submit a Written Offer: Verbal agreements often get lost in translation. Make sure your offer is documented in writing and submitted to the agent. This can be done via email or formal letter, and should include all the details of your offer.
- Outline All Terms and Conditions: Don’t just focus on price—ensure your offer includes other attractive terms that could sway the vendor. For example, consider a shorter settlement period, fewer contingencies, or flexibility on dates that might appeal to the seller’s needs.
- Be Competitive: If the vendor has already accepted an offer, yours needs to stand out. This doesn’t necessarily mean going significantly higher in price (though that helps), but ensuring that your offer is competitive in terms of all conditions—deposit, settlement date, and any additional incentives you can provide to sweeten the deal.
- Create Urgency: In your offer, make it clear that you’re serious and ready to move quickly. Consider offering a larger deposit, a shorter settlement period, or waiving certain conditions if you’re comfortable doing so. The more attractive and hassle-free your offer appears, the more likely it is that the vendor will reconsider their initial choice.
If you’re new to buying property, you might also find our article on navigating the path to ownership as a first home buyer in NSW helpful for building a strong foundation before making an offer.
- Follow Up with the Agent: Once your offer is submitted, follow up with the agent to ensure they’ve taken it to the vendor. Politely remind them of their legal obligation to present the offer. You can say something along the lines of, “I understand you have an accepted offer, but I’d like to ensure that my offer is also presented to the vendor, as the property is still available until contracts are signed.”
Why Persistence Pays Off
You might feel hesitant to push back when an agent insists that no more offers are being accepted, but persistence is key. It’s important to remember that the real estate market is competitive, and vendors are often open to offers that provide better terms—even after accepting one.
By submitting a stronger offer and staying persistent, you not only improve your chances of securing the property, but you also demonstrate to the vendor that you’re a serious buyer. Many buyers miss out simply because they don’t know they still have a chance or they feel uncomfortable challenging the agent’s stance.
What Happens If You Win?
If your offer is accepted, the initial offer is effectively derailed, and the vendor can choose to move forward with you. In competitive markets, this is a powerful strategy that can give you the edge—especially if the original offer was low or weak on terms. And if the vendor prefers your terms, the sale can proceed to contract, leaving the original buyer out of the equation.
Final Takeaway: Until Contracts Are Signed, It’s Not Over
The main takeaway here is simple: until the contract is signed, the property is not off the market. Don’t be discouraged by agents who say no more offers are being accepted. You have every right to submit a better offer, and the agent has a legal obligation to present it. The property market is competitive, but understanding your rights and being proactive can give you the upper hand.
