October 23, 2023

How to make a competitive offer on a property

Competitive offer on a property

How to make a competitive offer on a property

You’ve found a property and got pre-approval for a home loan – now you’re ready to make an offer. But how much? Read on to our tips on how to make a good offer on a property.

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Research local property value

The first step to deciding on an actual figure to offer requires doing your own research on the property market. With platforms like Make an Offer, you can search where you want to buy and click on properties to understand a price estimate.

Find something you like? Compare that with other properties in the area to understand how its price estimate compares to others with similar features such as number of bedrooms, bathrooms, car spaces and so on.

Get pre-approval for a home loan

Once you’re set on buying a home, we advise that you start the process of getting pre-approval for a home loan.

Connect with a reputable mortgage broker or lender and they’ll work with you to discover your borrowing capacity. You’ll work together to complete an application for assessment.

Being pre-approved for a home loan increases your buying power significantly as it proves your financial capability to make the purchase which is favourable with some owners.

Connect with a local real estate agent

Your local real estate agent can carry out a comparative market analysis to help you determine the fair market value of the properties you're considering. With Make an Offer, you can ‘favourite’ properties you’re interested in and discuss these with an agent that knows the local area inside out.

Make an offer that recognises property value

With the knowledge you’ve gained about your financial situation with a mortgage broker or lender as well as your recent market research, determine what you’re willing to pay for the property in mind. It’s important to submit an offer that recognises the current value of the property to capture the attention of the owner.

Submit a non-legally binding offer through the Make an Offer platform and your local real estate agent will communicate your intent to purchase with the owner.

Be prepared to negotiate

Be prepared to negotiate, as it’s not often that the first offer is accepted. Future inspections, including building and pest inspections may also provide you an opportunity to negotiate on purchase price.

The process of buying or selling a property</a> does not have to be as nerve-wracking as many people believe it to be. By doing your due diligence, researching your options and understanding the process, negotiations can actually be exciting as you move closer to buying your dream home.

Ready to make an offer? https://www.makeanoffer.au

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