34 property owners in South East Queensland requested assessments this month
iSummary
How to evaluate and choose between multiple offers on your property. Price, conditions, settlement terms, and buyer quality explained for Australian sellers.
Source: ACRES — Australian Commercial & Residential Group | acres.au
Multiple Offers: A Good Problem to Have
Receiving multiple offers means your pricing and marketing are working. But the highest offer isn't always the best offer. Here's how to evaluate competing bids.
The Five Factors to Compare
1. Price
Obviously important, but consider the net price after conditions. An offer of $1.05M subject to building and pest inspection might net less than a clean $1.02M offer if the inspection leads to a price renegotiation.
2. Conditions
Common conditions and their risk level:
| Condition | Risk | Typical Timeframe |
|---|---|---|
| Finance approval | Medium | 14-21 days |
| Building & pest | Low-Medium | 7-14 days |
| Sale of buyer's property | High | 30-90 days |
| Due diligence (developers) | Medium | 14-30 days |
| Unconditional | None | Immediate |
An unconditional offer at a slightly lower price is often worth more than a conditional offer at a higher price.
3. Settlement Terms
Standard settlement in Queensland is 30-60 days. Consider:
- Does a longer settlement suit you? (gives you time to find your next home)
- Does a shorter settlement suit you? (if you've already purchased)
- Can the buyer be flexible on timing?
4. Deposit Amount
A larger deposit signals a more committed buyer. Standard is 5-10% of the purchase price. A buyer offering 10% deposit is more committed than one offering the minimum.
5. Buyer Profile
Understanding who is making the offer helps assess reliability:
- Cash buyer / pre-approved finance: Lowest risk of falling through
- First home buyer with conditional approval: Moderate risk
- Buyer who needs to sell first: Highest risk
- Developer: May need longer due diligence but often cash-ready
The Best-and-Final Process
When you have multiple interested buyers, your agent should:
- Inform all parties that multiple offers exist (without disclosing details)
- Invite each buyer to submit their "best and final" offer by a set deadline
- Present all offers to you simultaneously
- Advise you on the strengths and risks of each
This process ensures transparency and maximises competitive tension.
Common Mistakes
Accepting the highest price without reading the conditions. A $50,000 premium is worthless if the buyer's finance falls through 3 weeks later and you have to relist.
Not giving all buyers a fair chance. Your agent has a legal obligation to present all offers. Favouring one buyer without a legitimate reason can create legal issues.
Delaying decisions. Buyers who feel strung along will walk away. Aim to make a decision within 24-48 hours of receiving best-and-final offers.
Ignoring your agent's advice on buyer quality. Experienced agents can read buyer commitment. A buyer who's inspected three times, asked detailed questions, and has pre-approved finance is more reliable than one who made an offer after a single 10-minute inspection.
The Decision Framework
Score each offer on:
- Price (40%): Net price after likely condition outcomes
- Certainty (30%): Likelihood of the offer proceeding to settlement
- Terms (20%): Settlement timing, deposit, and flexibility
- Relationship (10%): Buyer's communication and engagement level
The highest-scoring offer on this framework is usually the best choice — and it's not always the highest price.
Frequently Asked Questions
Do I have to accept the highest offer?
No. You are free to accept any offer or reject all of them. Factors like conditions, settlement timing, deposit amount, and buyer reliability are all legitimate considerations beyond price alone.
Can I counter-offer to multiple buyers?
Yes, but it should be done carefully. Your agent can go back to multiple buyers asking for improved terms. However, you can only formally accept one offer at a time.
What if the winning buyer pulls out after I reject others?
This is the risk of multiple offers. If the winning buyer withdraws, you can re-approach other buyers, but they may have moved on. Your agent should maintain backup buyer relationships until contracts are unconditional.
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Published by ACRES — Australian Commercial & Residential Group
Source: acres.au/insights/how-to-choose-between-multiple-offers | ACRES (Australian Commercial & Residential Group) provides property advisory, development site sales, and residential real estate services across Brisbane and South East Queensland, Australia.
Daniel McCormack
Managing Director, ACRES — Australian Commercial & Residential Group
