Found your dream home? Submit an offer the seller simply can't refuse
Category Newsletter: Property
Rejection is the single human experience that links us all - whether it was a job interview, a date or a home loan request, we've all faced it at least once in our lives.
Regional Director, shares advice to give you the best chance of avoiding this experience during the final stages of your house hunting experience.
Regional Director shares his insights into how to submit an offer that the seller simply cannot refuse:
1. Adopt a three-tier approach
Before you submit any offer, you need to work out a budget for yourself. Within this, you should set three targets: the highest offer you can afford to make, your ideal offer, and your low-ball offer. Depending on the market and the various other factors discussed below, you can reach a decision regarding which of these three numbers you would like to put forward as your initial offer.
What home loan can you afford? Apply online from the comfort of your own home here.
2. Clean up your conditions
When it comes down to it, apart from price, the offer that presents the lowest possibility for the sale to fall through is usually the one that a seller goes for. To neaten up your offer, make sure you have prequalified bond approval. It also helps if you have already sold your property and have the funds readily available. If you need to cash in an investment in order to buy, then it might be worth doing so before you find your dream home.
3. Know your market
Buyers should also keep themselves abreast of current affairs and be aware of the kind of property market in which they currently find themselves. If they happen to be in a seller's market, then there will not be much room for price negotiations and buyers will have to put their best offer forward if they want to secure the property. On the other hand, if it's a buyer's market, then buyers have a little more room in which to negotiate and can go in lower with their initial offers.
4. Involve an agent
Your best bet would be to involve your agent in your decision-making process. As industry and suburb experts, they will be able to guide you in choosing an amount that will be appealing to the seller and will still suit your budget.
Author: Property 24