How to Make an Offer on a House
Making an offer on your dream home can be a daunting task. There’s paperwork and finances to get in order, negotiations to keep track of, and what to do after your offer is accepted.
Putting in an offer on the home you want, whether before auction or for a private sale, is a similar process.
All you have to do is contact the agent and let them know what you’re willing to pay (and make sure you’re researching similar properties on the market beforehand). You can also formalise the offer in writing.
There’s a subtle art to making an offer. You’ve got to be thoughtful, strategic, and timely.
Here are some tips to give your offer the best chance of being accepted.
1. Attend the first open for inspection
If you’re considering making an offer on a property, it pays to show up to the first open for inspection so you can gauge the level of interest. If the open for inspection is poorly attended and the property is slated for an auction, a vendor may be more likely to consider an early offer. If you’re at an open house and there’s lots of buyers asking for copies of contracts and asking, ‘Will you accept offers prior to auction’, then you can start to get a bit of a feel of whether or not it’s going to be a strong campaign.
2. Offer early and quickly
If you see that there aren’t many potential buyers at the first open for inspection, the inclination might be to wait a while before putting your offer in, in the hope that the vendor becomes desperate and may accept a lower price. But this strategy often backfires, as it allows time for other buyers to emerge. Often what happens over the four-week program is that more buyers emerge and then there’s new competition that there may not have been in that first week. Don’t be afraid to turn up the heat on the vendor by putting your best offer out there early in the campaign, and asking for a quick answer, as it will put you in the best position to negotiate.
3. Ensure your offer is unconditional
Selling a home can be arduous, so vendors often look for the path of lease resistance when it comes to negotiating a deal. This means that if your offer has conditions attached to it – the most common being that the offer is subject to finance being approved – it will hold less appeal.
4. Offer your best price
Most buyers who make an offer on a home are doing so either because they want to snuff out the competition, or because they’re hoping for a bargain. A note: offering low rarely yields results. Don’t play games with the agent. The people that are most upfront with agents are the ones who are generally going to be treated as the most genuine buyers. If you want to buy a home, don’t look at it that you have to buy at the cheapest possible price. Take the attitude that if it’s a home you love and you have stretch yourself a bit beyond what you want to, do it, because it could take you six months to find the same home again.
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The above information has been sourced from Realestate.com.au. To read the full article CLICK HERE.