The process of making an offer on a house or unit is very exciting as well as a little bit nerve-wracking. You’ve found that Hervey Bay property that meets your wants and needs, is in the price range you can afford and just feels right— your house hunting days are over! Let the fun begin!
Making an offer on a house startts with drafting the Agreement of Purchase and Sale (a legally binding document) that contains everything to do with the property purchase including the price you are willing to pay, any specific inclusions you want (the big screen TV, washer/dryer, etc) your preferred closing date (date you want to take possession) and any additional conditions that need to be met if the deal is to go through.
After the offer has been submitted, the seller has a few options— accept your offer, reject it or to sign back with a counter offer. You may have to compromise during these back-and-forth negotiations; but a reputable real estate agent will work very hard to get what you want.
And if you find that you are in a bidding war— be sure to read up on 1) Bidding Wars and 2) How to Win in Multiple Offers!
Meet Conditions & Provide Deposit
Any requirements within the Agreement of Purchase and Sale which must be met for the deal to go through are known as conditions— examples include a financing condition, a requirement allowing your lawyer to evaluate the legal details about the property or even a home inspection.
Obviously, a deposit needs to be paid— in Queensland, an amount of up to 10% of the purchase price is typically payable and held in trust until settlement. Once all conditions have been met and the agreement becomes firm— it’s a matter of waiting for the much-awaited closing date (settlement) and of course to get PACKING!
WHAT TO EXPECT FROM YOUR REAL ESTATE AGENT REGARDING NEGOTIATION WHEN MAKING AN OFFER ON A HOUSE
- Your real estate agent should have— kick-ass top-notch negotiation skills when it comes to making an offer on a property!
- That means at negotiation time he/she will stand up for you and not be bullied or pressured into making a move that simply doesn’t sit right with you.
- He/she will scrutinise and decipher all the fine print as well as remove any mystery from the financing aspects and legal matters ensuring that YOUR interests are totally protected.
- To be your coat of armour that will effectively safe-guard you as you enter the battle-field of buying a property.
WANT TO READ MORE ABOUT NEGOTIATIONS AND OFFERS?
Making an Offer on a Property Blog Posts for Buyers coming soon