A Comprehensive Guide To Making a Successful Property Offer

In the competitive landscape of today’s housing market, making an offer on your dream home requires careful planning and execution. This comprehensive guide will walk you through the essential steps to optimise your chances of securing your desired property, whether you’re making an offer before an auction or for a private sale.

What Making an Offer Entails

To initiate the process of purchasing a house, you must formally submit a written offer to the selling agent. While verbal offers can be made in person or over the phone, they are generally not as impactful as a written offer. Your written offer can take the form of an email, a signed document, or a contract, depending on the preferences of the vendor and agent.

Steps to Successfully Make an Offer on a Property in Australia

1. Get Finance Pre-Approved: Begin by obtaining pre-approval for a mortgage. This step is essential to assess whether a bank is willing to provide the necessary loan for your home purchase. Pre-approval is not binding until all the bank’s requirements are met.
2. Consult a Solicitor or Conveyancer: Enlist the services of a solicitor or conveyancer to review the property’s contract. Ensure that the legal expert you choose is experienced in handling similar property transactions. Discuss fees and turnaround times before proceeding.
3. Research Similar Properties: Use online resources to research recently sold properties in the specific area where you plan to buy. Understanding market trends will help you gauge the reasonableness of your offer.
4. Attend the First Open Inspection: Attend the initial open house inspection to assess the level of interest in the property. A poorly attended open inspection may encourage the vendor to consider early offers.
5. Decide on Offer Amount and Conditions: Determine the amount you’re willing to offer and any conditions you want to attach. Keep in mind that a compelling offer combines a competitive price with favourable conditions. Fewer conditions can make your offer more attractive.
6. Submit Your Offer Early: Resist the temptation to wait for a better deal. It’s often wise to submit your best offer early in the campaign to prevent other buyers from emerging and competing.
7. Offer Your Best Price: Be transparent and upfront with your offer. Offering a fair price is essential, as trying to negotiate from a low starting point can backfire. Keep in mind that purchasing a home you love may require stretching your budget.
8. Pay the Deposit: Depending on your location, you may need to provide a holding deposit, which is typically around 10% of the purchase price. This formalises your offer, but it doesn’t guarantee that the property is yours.
9. Request a Timely Response: Once you’ve paid the deposit, communicate with the agent to request a timely response from the vendor. The vendor has a predetermined period to meet any attached conditions.
10. Vendor Signs the Contract: After meeting all conditions and the cooling-off period, if applicable, has passed, the vendor will sign the contract, and you’ll officially become a homeowner.

In conclusion, making a successful house offer involves careful preparation, thorough research, and timely execution. By following these steps and offering a fair price, you can increase your chances of securing your dream home in a competitive real estate market.

If you require any assistance throughout the process, please contact our team on (07) 4057 1800.