Making An Offer On A Property
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Making An Offer On A Property

Before making an offer make sure that you have finance pre-approval

Not all pre-approvals are the same. Often First Home Buyers are pre-qualified by a potential lender in a matter of minutes. The lender may even offer you a pre-approval certificate.

Beware of quick pre-approvals where you have not had to complete a full application form and provide full supporting documentation. Quick pre-approvals offer the lender an ‘out’ by stating that this pre-approval is subject to a list of requirements.

We strongly recommend that as a first home buyer you obtain a full approval before making an offer. Alternatively sign an offer ‘subject to finance’. T

his is known as a conditional offer and if you are declined finance you will be able to claim a refund of your paid deposit.

Before making an offer organise property inspections

For any property you’re seriously considering, you should have building and pest inspections carried out. If you’re buying a unit, townhouse or villa, you’ll also want a strata title inspection. Even if you’re very keen on the house and are determined to buy it no matter what. It is best to have the upper hand by knowing the property flaws.
Armed with a list of flaws you may be able to bring the asking price down.

How much should you offer?

• Start with a lower offer first, unless you know for certain that the owner is seriously considering other offers. At the same time, there’s no point going in with a very low offer, because you could just upset the agent and vendor.
• Find out as much as possible about the circumstances of the sale from the agent. If the vendor is in a rush to sell because they’ve already purchased elsewhere, you might be able to negotiate more off the price, but don't forget that the agent is acting for the vendor, not you.
• Do not become too emotionally attached to any house. Remember a deal of a lifetime comes around in real estate every week.