How to make an offer when you’ve found the property for you
By | 2nd Aug 17

You’ve found your dream home or investment property and want to make an offer – so what comes next?

Understand the regulations in your state: For different states there are different rules, in some cases it can be verbal and in others you are required to do so in writing. If you are serious about buying, we recommend putting your offer in writing which will show that you are serious. By putting the offer in writing, there can be no discrepancies or miscommunication and by law, in Victoria the agent must present any written offers to the Vendor.  

 

Speak to the Selling Agent: Many people think that the selling agent will give them advice on where the offer should be. Ask the selling agent questions, but bear in the selling agent is working for the vendor to get the best price possible. Try to ask the agent how many contracts have been handed out, why the vendors are selling, if they have received any previous offers and what the vendors time frame is.  When submitting an offer, it is not only price that is important but also the conditions attached. If the owners have already bought and need to sell quickly, you may be more successful by offering a shorter settlement.  Or if you are buying off a developer who is over committed elsewhere, offering a higher deposit might sway them to accept your offer.

The more information you have, the better position you will be in when it comes time to submit your offer.

Know your strategy: Research is essential. You don’t want to be paying too much for your property, so make sure you know the market you are buying in! Look at other properties on the market as well as knowing what has sold in the previous months.  Compare like to like properties and take into consideration things such as block size, orientation, whether the house is on a busy or quiet road, floor plan etc. 

Know your maximum price: We can’t stress this enough! Whether you are buying at auction or as a private sale, you need to have a maximum price. This will give you give you peace of mind and also ensure you can afford the property.

How to offer at auction: Not everyone can bid at an auction. If you are serious about a certain property, make sure you arrive early before the inspection as this will be the last chance you can inspect the property. Some agents will also ask you to complete a form to bid during the auction. If the property is passed in and you are a serious buyer, we recommend being the final bid as you will get the opportunity to negotiate with the owner first.   

Unsure or nervous about the full process? There are many more tips and proven strategies that our Buyers Agents use daily when buying property on behalf of our clients. Our strategies have saved clients many thousands of dollars through our research and negotiation skills. 

We are able to negotiate on your behalf and bid for you at auction to make sure you have the best strategy and don’t emotionally bid or overpay. Our Buyer’s Agents will research the sold history for the house and the street where you want to buy, speak to local agents and the council, use historical and current data and use or experience from buying thousands of properties across Melbourne to determine the correct price.

We genuinely love making property dreams come true! Call us on 1300 239 901 today to discuss our services or email our team at buyer@advantageproperty.com.au