How to Make an Offer on a Property

Do you ever wonder how to make an offer on a property? Or what to do after your offer is accepted? Are you thinking that this can be a difficult task to deal with? Well, you are right. Whether before an auction or for a private treaty sale, putting in an offer on your dream home covers a lot of paperwork, negotiations and finances management.

That being said, all you have to do is communicate with the real estate agent and inform them of your offer. However, make sure that before doing that, you have already gone through the process of researching similar properties on the market, so that you can get an idea of what people are willing to pay. Once you are ready, it’s time to formalise the offer in writing.

To have more details on what else you can do, here are some tips to make your offer stand out the most and be accepted:

BE SURE TO ATTEND THE FIRST OPEN HOME FOR INSPECTION

Being able to do this will help you gauge the level of interest the property is getting. For instance, if a lot of buyers are already asking for copies and contracts or even for acceptance of an offer prior to auction, then you can get an idea on whether or not the campaign is going to be strong and successful. On the other hand, if the open for inspection is poorly attended during the first inspection or if the property is slated for an auction, then there’s a possibility that the vendor may already consider an early offer.

MAKE AN OFFER EARLY IF THE PROPERTY IS RIGHT FOR YOU

In addition to the first point, if you already see that there aren’t many potential buyers at the first inspection, make an offer early and quickly. Do not wait and assume that the vendor will become desperate and accept a low offer before you put in your offer because this, actually, may backfire – it allows time for other buyers to emerge. In other words, making your best offer and asking for a prompt response as early as possible may even put you in the best position to negotiate.

MAKE AN UNCONDITIONAL OFFER IF POSSIBLE

Selling a home or property can also be tiring. It requires a lot of effort, so vendors often look for the path of least resistance when it comes to negotiating a deal. This means that making an offer with conditions attached to it – an offer subject to finance being approved for example – will hold less appeal. Besides, vendors would often accept offers with lower price but unconditional rather than go with an offer with higher price but with conditions.

OFFER YOUR BEST PRICE POSSIBLE

Most buyers who make an offer have one of two things in mind: First, they either want to snuff out the competition. Or second, they are hoping for a bargain. However, offering low or buying at the cheapest possible price might not be the best solution, particularly in a highly competitive housing market.

Instead, do not hesitate and be upfront with your price offer, especially if it’s a home or property you truly love. You’ll never know when you can find the same home again. And in fact, doing this will actually make the vendor think that you are a genuine buyer.

COMMUNICATE!

As agents, while we do work to get the seller the best price. We can’t do this without helping buyers buy! So communicate with the selling agent, we are here to help. Your competition is other buyers, not the selling agent. If you have questions or are interested in the property don’t sit and wait, get in touch with the agent. If the selling agent knows you are interested they will keep you up to date with offers and other information as the sale progresses. Many buyers get frustrated after having a think for a while, and then hesitating to contact the agent, only to then find that the property has already been sold to another buyer.

If we can help you with any questions in regards to buying your new home please get in touch with us here at Reval.