How to Make an Offer on a Property

Fedja Bilic walks us through the process of making an offer on a property by providing us with some valuable insights.

This video is a part of our Collings Tips series on our Youtube channel.

Tip 1: Attend the first open for inspection.

Aside from being among the first to inspect, you may also get the chance to get a lower offer as the vendor will most likely offer the property for a lower price.

Tip 2: Put in your offer quickly and early.

If you notice that there are any potential buyers, make a great first impression of the vendor and put your best offer. Be ahead of the possible competition. 

Tip 3: Ensure your offer is unconditional

Vendors are more likely to take the low offer with no conditions attached versus the offer with the high offer and with more conditions attached, especially on the subject of finance. 

Tip 4: Offer your best price

Put your best foot forward. Don’t be scared to spend an extra $10r so that in 6 months' time, you won’t look at the decision with big regrets. Don’t play games with the agent. Being honest with the agent shows that you are a genuine buyer and you’re not just window-shopping.

Bonus tip:

Write an expression of interest (EOI) letter to the seller. This extra tip is easy to do yet creates a big impact to make a good impression on the seller. The letter would show how professional, interested and suitable you are to make an offer.

Can you withdraw an offer on a property?

Technically, you can, as an offer is not a legally-binding contract until it has been signed by both parties. So as soon as you have finally decided that you want to withdraw, inform the agent and the seller through writing and don't waste time. Once the offer has been signed, it becomes a legitimate document that brings about a sale.

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Posted in Blogs on 1st February, 2021