Are you in the market to purchase real estate? Perhaps you’ve found the perfect property to buy and you’re busy trying to figure out where to go to from here? There are a few boxes you need to ensure you tick when you go to make an offer on a house. Making sure you’re armed with everything you need could be the difference between being successful vs just missing out on your dream home.
Guiding us through the process of how to make an offer on a house is Calibre Sales Agent, Marlene Baker. Marlene has been a real estate agent for over 5 years now and has assisted hundreds of buyers successfully secure their ideal home. “Just last weekend we had a hot property on the market with a really high level of seriously interested buyers. The buyer who was successful in the end had their finances pre-approved. As the purchase price on each offer was very competitive, the successful buyers won the contract purely because they had their finances pre-approved and the other buyers didn’t. To have all of your ducks in a row before submitting an offer will put you a step ahead of your competition.”
So here it is, Marlene’s top tips just for you :
How To Make An Offer On A House in 7 Simple Steps.
1. Speak To Your Mortgage Broker & Get Pre-Approval
One of the many benefits of employing a mortgage broker is their ability to compare a wide range of products available in the market place. Your broker should be able to analyse varying situations to ensure you get bang for your buck. Your home loan may be the biggest debt you ever have so it makes sense to get a great value deal.
2. Find The Property You’d Like To Purchase
Understand the local market, equip yourself with the average sale prices, vacancy rates, demographics, median rent etc so you have an idea of true value in your chosen area. This will help to enable you to make informed decisions and negotiate effectively.
3. Ask The Listing Agent For a Copy Of The Contract
When you find a property you like, you can make an offer to buy it. Ask the seller’s agent how offers are to be made. Usually, it will be by making a verbal offer and filling out a form with your written offer.
4. Negotiate The Sale Price & Your Terms
When you’ve found your home, make an offer and be prepared to negotiate but also be prepared to walk away. Keep a level head and remember your budget!
5. Exchange And Sign Contract
If you make a verbal or written offer, the seller’s agent will formalise your offer into a contract of sale and present it to you to sign.
6. If A Conditional Contract, Ensure All Of The Terms Are Satisified Within Timeframe
There will be a cooling off period on the contract of 5 days and it is advised to obtain a building and pest report, a property inspection can highlight any structural faults as well as the presence of termites.
7. Hooray For Settlement
- Queue the symphony!!! All going well you can typically expect your settlement period to be anywhere from 30-60 days. This will depend on what was agreed upon and stipulated on your contact.
You may also be interested in the following article – “Making an offer on a house in 2022” published on homes.com.au
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- The 7 Vital Facts You Need to Know As a Buyer In a Multiple Offer Situation
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- How To Buy At Auction. 14 Things You Need To Know.