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Make an Offer
You have done your
homework, you have seen enough properties in the area you preferred,
and you have found that property which ticks most of your boxes. Now
it's time to make an offer. Here are a few things to consider before
you go ahead and make your offer:
The asking price: A seller’s asking price is usually higher
than the price they will actually settle for – talk to the agent to
get a feel for what the seller realistically wants
The seller’s circumstances: If the seller needs to move soon he
is more likely to accept a lower offer
The price you are prepared to pay for the property: This will
depend on your budget, how much you like the property and whether you
are considering other properties
Interest in the property: If the property has been on the
market for a long time without much interest the seller will be more
negotiable than if several buyers are showing interest
Previous rejected offers: Previous offers rejected by the
seller may give an indication of the price the buyer is looking for –
however the seller’s circumstances may have changed and he might
accept an offer he previously rejected
Bank valuation: Before making your offer it is a good idea to
get an indicative valuation from the bank
valuer – this will
ensure that you get the amount of financing you need and will give you
an indication for the value of the property (be aware however that
valuer will often
undervalue renovated properties).
If you have been using an agent you should make your offer through the
agent who showed you the property. When making an offer indicate
clearly what you expect to be included in the property (eg. furniture)
to avoid any misunderstandings. Also make sure you emphasize your
positive points as a buyer so the seller is more likely to be swayed
by your offer (eg. you are a cash buyer).
The seller will then either accept, reject or give a counter-offer,
and negotiations will continue until a price is agreed or they fall
through. |
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