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Step 8 - Making an offer. |
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After your inspections, if you're still satisfied with the property, it's time to make your next move. While it is important to be cautious in approaching price negotiations, don't be too inflexible. After all, you want this property. The last thing you want is someone beating your best bid by a few hundred dollars, knowing that the property is worth much more.
Private sale offer
The most common way to buy property is by private treaty or sale through a real estate agent or directly from the owner. If a property isn't going to auction, you are saved from the stress of auction day, but are then faced with the daunting question of how much should you offer?
If a home price tag says $250,000, this may not be how much the vendor really wants. Many agents say that it's usually wise to make a lower offer within 5 per cent of the asking price, although this percentage can increase in a slow market. More >>
