Also known as a sunset clause, it is wise to include an “offer expiration” clause in any offer that you make to purchase property.
Such a clause states a date and time when your offer will expire and will encourage a Vendor to make a decision or risk losing a sale. It will also encourage an agent to act quickly to ensure your offer is presented to the Vendor promptly.
Ideally, a sunset clause should expire 24-48 hours after you submit your offer. Also make the time the offer is to expire by 4pm or 5pm on any given day and never allow a sunset clause to run over a weekend.
Making a clause expire by 5pm on Friday encourages a Vendor to make a decision regarding your offer PRIOR to the weekend, which is the time when most property purchasers are out looking in the market. It is far better to have the Vendor look at your offer without the distraction of other competing offers.
By including an expiration clause, you can also better manage any offers you have made and limit your exposure to having an offer accepted after you have moved onto another deal.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.