What to do before making an offer on a property
Before you put in an offer on a property, there are some important things that you need to know to ensure a smooth and successful transaction.
Will the vendor sell the property today for the right price?
Firstly, find out if the vendor is open to accepting offers, as some agents only sell properties via auctions or expressions of interest with a closing date.
Finances
Next, ensure that your finances are in order by obtaining pre-approval and having a satisfactory deposit on hand. Without finance approval, entering into a contract can lead to dire consequences, including losing your deposit or being sued for losses.
Solicitor/Conveyancer
Thirdly, hire a qualified legal representative to review the contract to check for any negative attributes that may affect the property or title, such as zoning, strata fees, owner’s corporation issues, covenants, and caveats.
Deposit amount and settlement date
Fourthly, confirm the proposed deposit terms and settlement timeframe with the agent before making an offer, as some vendors may require specific terms.
Pest & Building Inspection
Fifthly, conduct a building and pest inspection to determine the condition of the dwelling before making an offer, particularly if the property is scheduled for auction.
Be realistic & don’t miss out before you even started
Six, make a realistic offer that will be taken seriously by the vendor and agent. Be aware of comparable properties in the area to determine a fair offer and avoid insulting the vendor with a lowball offer, as this can jeopardise your chances of success.
Have our agents appraise your property for sale
Finally, knowing the current value of your property is crucial before making offers on other properties. It provides you with a clear understanding of your budget and how much you can afford to spend on a new property. A common question we get asked is “What’s my property worth?”. We have you covered and can provide a comprehensive appraisal.
One last piece of advice…
A mortgage broker plays a crucial role in the home buying process. They can help you determine your borrowing capacity and provide advice on the best mortgage options available to you. Working with a mortgage broker before looking at properties for sale can save you time and money by helping you identify properties that are within your budget and obtaining pre-approval for your loan.
