Welcome to Property 101 and today we’ll discuss – How to make a competitive offer for a property?
When putting in an offer to purchase a property in Brisbane, it’s important to make sure your offer is both reflective of the value of the property and also that it protects your interests.
There are 5 key factors that go to making your offer competitive:
- Offer amount: This is the most obvious factor. Your offer should be in line with the market value of the property and must be competitive dollar amount.
- Standard conditions: These include the pest and building inspection and finance clauses. These provide you with protection in case any issues are found and in a competitive market, the time frame should be kept as short as possible.
- Special conditions: These may include additional searches such as body corporate records search, request for tenancy information etc. Once again, keep them as short as needed.
- Deposit: Your deposit should be a substantial sum to show you are a serious buyer, though not over done as it’s just not necessary.
- Settlement date: I always recommend finding out what the seller would ideally like time wise, as this can also make your offer more competitive.
In summary, a competitive offer is one that takes into consideration not only the offer amount but also the conditions, special conditions, deposit and settlement date. So it’s always best to be both strategic and of course confident with your offer and in doing so, you can greatly increase the chances of securing the property. All the best!
If you are considering purchasing a home or investment property in Brisbane and would like the assistance of a local Brisbane Buyer’s Agent, please don’t hesitate to contact us.
We look forward to hearing from you.
Sam Price, Director & Lead Buyer’s Agent – Templeton Property Brisbane.