Buying a home for the first time is an exciting experience. However, it’s essential that you perform due diligence ahead of time as this will ensure that your offer stands the highest possible chance of being accepted. Although the actual task of making an offer is quite straightforward in that you contact the agent and inform them of how much you are willing to pay for the property, the tips below will help ensure that you approach the process correctly.
Ensure that you attend the First Open for Inspection
If you are serious about making an offer on a particular home, it’s strongly recommended that you show up at the first open for inspection. This will not only enable you to see what condition the property is in; it will provide you with valuable insight regarding the level of interest in the property.
If you are at the first open for inspection and there are several potential buyers asking if early offers will be accepted or if they are able to obtain copies of contracts, you could find that there will be heavy competition with regards to obtaining the home. However, if few people have pitched for the open for inspection and the property is going to be auctioned, the vendor may be more willing to accept an offer right away.
Offer Quickly and Early
If you’ve noticed that little to no people have arrived at the first open for inspection, you may be considering waiting a while before submitting a formal offer because you think it may sway the vendor to accept a lower price. However, this strategy has been shown to backfire quite often because it provides time for several other potential buyers to appear.
The longer you hesitate, the less chance you stand of having your offer accepted in the end. As a result, you must be willing to put your best offer out there as early as possible because it will put you in an excellent position to negotiate if required.
Ensure that your Offer is Unconditional
Most vendors look for the quickest way possible to sell their properties. This means that you should ensure that there are no conditions attached to your offer whatsoever if you are serious about purchasing the home. In many cases, vendors will be willing to go with a lower unconditional offer than a higher one that is fraught with conditions. Remember to check with your legal advisor before doing this!
Be Willing to Offer your Best Price
Most potential buyers who make offers on a home do so because they’re keen to get a bargain or they want to eliminate as much competition as possible. As a result, you should always offer your best possible price to the agent or vendor. This will show them that you are indeed serious about purchasing the property.
Although the above mentioned tips are by no means a guarantee that you will obtain the property in question, they will help provide you with the best possible chance of doing so.
