Buying a property will probably be one of the most exciting and life-changing decisions of your life. It can be pretty daunting, too, with so many factors to carefully consider before actually making the big jump. Submitting an offer on a house is an important stage of your property purchasing journey. But putting in your first offer is not only the base to start the negotiations with the seller; it is also the base for a seller’s decision when deciding between competing buyers.
If you are eyeing to put in your first offer on those houses for sale in Manor Lakes, Victoria, be prepared for both an acceptance or a rejection. In fact, your first offer will most likely not always be accepted. The whole process can turn into a frustrating and time-consuming system. In this article, we learn about the strategies to streamline the process of getting that offer accepted.
Do Your Research to Determine How Much to Offer
Make sure that you’ve done all the necessary research about the market value of the properties that you are considering to buy. Experts recommend checking at least more than 10 properties in the area to get a much better idea of what the homes are worth. Effectively, you also need to know your absolute upper limit to avoid overpaying.
It also pays to understand why the seller is putting the property on the market. Knowing the reasons behind why certain properties are being put up for sale is an important strategy to help you come up with the right price and the right terms that complete the offer. For instance, a seller wants to let go of a house due to a failed relationship, and there are children involved. In this case, you would want to put in your offer value, backed by diligent research, with the conditions of keeping the finance and settlement process short.
Moving quickly to submit an offer is another crucial step when putting in your price as any time wasted can spell the difference between securing and losing your dream house. When communicating your terms, it is also wise to include a time limit on your offer. This provides a sense of urgency to the seller to make a decision and protects you from stalling on a single property.
Get Your Finance in Order
It is important to note that it has become much harder to get home loans approved as banks push for higher deposits and stricter assessment processes this year. With that, it is highly recommended to know where you stand financially before entering into negotiations. It is important to ensure that you have complete confidence in yourself that you will be able to pay the deposit upon acceptance of the contract.
Remember that the price of the offer is not the only important factor when it comes to purchasing a property. There are terms that you can negotiate along with the offer price. You can adjust these conditions in a way that will be favourable to the seller as well as to your financing capabilities. What we want to avoid is having to renege on an offer as this can be costly, often causing forfeiture of any deposit made.
Knowing the strategies in making the right offer is important to avoid the frustration that comes with missing out on properties that you love and just because you put in the wrong price. With proper research and ensuring that all your finances are in order, you should be able to get yourself to settlement sooner than expected.