Are you ready to make an offer on a property and keen to do everything right so you don’t miss out? Whether you’ve been looking for the right property for a while, or you’ve just decided to make a move, if you find the right property you don’t want to lose it.
Making an offer on a property as soon as possible and getting the conditions right are the keys to making sure your dream property doesn’t slip through your fingers.
So what do you need to do when making an offer on a property? There are four key steps to consider:
1. Decide on your conditions
The first thing you need to do when you want to make an offer on a property is decide on your conditions. As the buyer, the most important decision you need to make is what price you want to offer and how much deposit you’d like to put down.
Price isn’t the only thing to consider though. You should also think about other clauses to be included in the contract, including finance clauses and building and pest clauses along with the time frame for those clauses.
The more attractive you make your offer the more likely the seller is to accept it, but property sellers don’t always choose the highest offer. Some sellers may prefer a cash buyer, who doesn’t need to wait for finance, or a buyer who offers them a long-term settlement because they’d prefer not to move out until a certain date in the distant future.
You might want to talk to the real estate agent about the buyer’s personal situation to gauge what else might make your offer more attractive to apart from a higher price.
2. Put your offer in writing
When buying a property in Queensland all contracts must be presented in writing. Even if you do make an offer which isn’t in writing and it’s accepted, you have no guarantee that it will go ahead. Only when the offer is made in writing can the sales process truly start.
Typically the contract making your offer will be drawn up by a real estate agent but, since they’re usually working for the seller, it’s recommended that you get a specialised conveyancing lawyer to check your offer before you present it to the sellers.
3. Consider counter offers
Once you’ve presented the offer in writing, either in person or through your lawyer or real estate agent, the seller may come back to you with a counter offer. That’s a normal part of the property buying process in Queensland.
If the seller does come back with a counter offer you’ll need to make a timely decision about if you want to accept the counter offer, or make a new offer to present to the seller.
4. Offer accepted
If the seller accepts your offer then you’ve got a firm contract and the clauses and conditions can be set in process.
Then, if everything goes to plan with finances and property inspections, the sale should go ahead.
Making an offer on a property is exciting but it can also be a nerve-wracking time. To make sure that everything goes to plan we’re happy to offer you a free consultation.