How Expressions of Interest Work in Victoria

An expression of interest campaign, usually shortened to EOI, is a private sale method where buyers submit written offers by a set closing date. You do not see the other offers, and the vendor is not obliged to accept the highest one or any of them. ## How an EOI campaign runs The agent sets a closing date and time, often two to four weeks after the campaign opens. Buyers inspect, request the Section 32, then lodge an offer on a form supplied by the agent. The form usually asks for price, deposit, settlement period and any conditions such as finance or a building inspection. After the close, the vendor reviews the offers with the agent. They may accept one, negotiate with one or two buyers, or invite a best and final round. ## How it differs from an auction At auction you can hear every bid and there is no cooling-off period for the winning buyer. In an EOI you make one sealed offer, so you cannot react to competitors. Because it is a private sale, a residential buyer generally has a three business day cooling-off period in Victoria unless an exception applies, such as buying within three clear business days of a publicly advertised auction. Check with your conveyancer before you sign. ## Making a strong offer - **Know your ceiling first.** Set a walk-away price from comparable sales and your [borrowing capacity](/tools), not from the price guide alone. - **Avoid round numbers.** An offer of $1,212,000 can beat $1,200,000 when offers are close. - **Keep conditions clean.** Get finance pre-approval and do your building inspection before the close where you can. - **Match the vendor's timing.** Ask the agent which settlement period suits the vendor and offer it if you can. - **Read the Section 32.** Use the [Section 32 checklist](/tools/section-32-checklist) before you commit. ## EOIs and off-market sales Many off-market and pre-market homes sell through an informal EOI with a handful of buyers. The same rules apply: one considered offer, clean terms, and a price you are comfortable losing at. Track every home you are weighing up in the BuyerHQ [property tracker](/tracker), and browse current [off-market property in Melbourne](/off-market-property-melbourne).