Make sure your first offer is a good one

It can be tempting to play hard-ball when putting an offer in on a house, but make sure your first offer is a good one.

 

There is always the opportunity to renegotiate and present a subsequent offer, but if you’re not serious from the start you might lose out to a more determined buyer.

Make sure your first offer is a good one

Be realistic

It is fine to try and save money, but don’t lose the house in the process if it’s the one you really want.

Before a seller accepts a written offer, bids may still be received from other potential buyers. The seller has the right to consider all offers and may choose to negotiate with other buyers instead if they receive a more attractive offer.

The selling agent is required to present offers to the seller as quickly as possible, but are also required to inform the seller of any other offers they are likely to receive.

The seller is not under any time constraint to reply to an offer, but the buyer can place a condition that sets an expiry at a specified time and date.

What appeals to sellers?

Ideally, a seller wants a quick sale for the best price and with the least number of complications.

The ‘dream offer’ from a seller’s perspective is an unconditional cash sale at the full advertised price.

Few buyers are in a position to meet these conditions, but it highlights the two most important factors that make up an offer to buy a property: the agreed selling price and the conditions applying to the offer.

It’s wise to do your house-hunting homework, organise your finance early, be confident and make sure that when you’re ready to make an offer on a home, you’re presenting a realistic number that puts you in a strong buying position.

 

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