What is the process?The process of making an offer on a property can vary from state to state. For some areas, the first offer can be verbal, for others it is written. Make sure you’re across the rules and how the process works before you start. It’s often best to make the offer in writing – this eliminates any confusion concerning what the offer and conditions were. The negotiation process begins when you first meet an agent. They will likely ask a number of questions to understand your situation and formulate an idea of what your needs and your budget are. Before getting to the offer, this relationship with the agent might consist of a number of phone calls, second and third visits to the property and possibly some inspections.
- During this process and before you make an offer remember the following:
- Have a clear understanding of the process. Ask the agent to explain how they intend to take offers on the property, then check with your solicitor to ensure they are happy with this. It’s a good idea to seek advice from you bank or financial adviser to ensure you can meet any terms.
- Know what price you want to pay for the property and work out your strategy to accomplish this. Remember that this is a negotiation so go into it knowing what the maximum price you’re willing to pay is.
- Research the property fully and ensure you’ve satisfied all your requirements.
- Have an understanding of the vendor’s motivation to sell, their preferred settlement date and any other information that may make your offer stronger.
- Remember to be patient. Some property offers can take a while and they can be stressful. Don’t rush offers if you don’t need to and consider putting a time limit on any offers you do make.