If you are in the process of trying to purchase a home, you will undoubtedly know just how competitive the market can be – in some instances, as many as 30 offers can be received by a vendor for a single property. As a result, you will want to ensure that your offer stands out as much as possible. Below are some handy hints to help ensure that your offer stands a far higher chance of being accepted than any other.
Perform Sufficient Research
A huge mistake many buyers make is not researching the property they want to purchase fully before putting in an offer on it. It’s also recommended that you speak with the agent to obtain an idea of how much the vendor wants to sell the property for. Finding out what other properties in the area have sold for in recent months will also help you determine how much you think the property in question is worth, which will in turn help you place an offer that is highly appealing to the vendor. If the property you are interested in purchasing is going on auction, there is also no harm in enquiring whether the vendor will consider pre-auction offers or not.
Offer an Unusual Price
When placing offers on a property, most people tend to work with round figures such as $600,000 or $650,000. While this can be practical, it won’t enable your offer to stand out from the many others that will most likely be received for the same property. Simply raising your offer by $750 or even $1,200 for instance will not only ensure that your offer stands out; because your offer is higher than many others received, it stands a higher chance of being accepted as well.
Ensure that you have Required Paperwork on Hand if your Offer is accepted
In the event that your offer is accepted by the vendor, it is still not a 100% guarantee that the home is yours just yet. You will need to ensure that you get the required documentation and information together as soon as possible after your offer has been accepted. This will enable the transaction to be performed as quickly and efficiently as possible. You will also need to adhere to all of the predetermined timeframes listed in the Contract of Sale, including the payment of deposit. Failure to do so could result in the deal being cancelled, which will leave you back at the beginning of the house hunting process.
Another crucial step to take before completing the purchase process is to have a pre-purchase and pest inspection carried out on the property. This will help determine whether you will be getting a good deal or not, while also ensuring that you are not left to deal with structural repairs to pay for at a later stage. If you would like to find out more about how the pre-purchase and pest inspection process works, give our friendly team a call today.
Photo credit: Copyright: goodluz / 123RF Stock Photo