Searching for a property and finding the right property is an exhausting task.
Putting in an offer is a nerve-wracking exercise and waiting for your offer to be accepted or countered seems to take forever. Know that the first offer you make is not necessarily going to be accepted. It may take a few negotiations back and forth before you reach a resolution.
How much to offer
Do your research thoroughly on both what the property is worth and what your upper limit is to secure the property. Remember that you may not be the only one submitting an offer. If you really want the property you should submit your best price and try not to insult the owner with an extremely low offer. The owner has the choice of who they wish to sell to and insulting people may mean that they reject you completely.
Speak to the real estate agent about the interest in the property, however, remember that they are working for the seller and not for you. They want their owner to get the best price so they have a happy client.
Speak to your Conveyancer
When you make an offer on a property it has the possibility of becoming legally binding. If you have made the offer in writing via a signed contract of sale and the seller agrees and signs it, the property is sold. You need your conveyancer to ensure that everything is going to proceed legally and correctly. They can ensure the contract has everything detailed correctly and there are no surprises.
Conditional or Unconditional
Sales can be conditional to finance or inspections or they can be unconditional, without any conditions. Generally unconditional is more attractive to a seller as they know that the sale will not fall through without penalty against the buyer. Note: If an unconditional offer does fall through you will likely forfeit your deposit to the seller. Making an unconditional offer may see your offer accepted over a higher but conditional offer on a property.
Making an offer on a property is not difficult and it can be far easier than the stress of an auction. Good luck with finding your perfect property.
Contact Select Conveyancing when you are buying your next property.