Looking to get the best price on your home? Follow these top tips from property guru Bryce Holdaway.
Stephen and Amelia were looking to buy a new home in Brisbane as they embarked on a year that not only had a major purchase of a house but also they were getting married. But when it came time to frame an offer, there was a few different strategies that we needed to employ to make sure we got the bets deal.
The first one you might like to think about is find out as much as you possibly can about the vendor's circumstances because to be able to distract them on price, you might be able to satisfy other needs that are really important to them. Whether that’s a short of a long term settlement, early release of a deposit or they may not have actually bought yet, and so renting the property back to them might be really enticing to them.
So find out what they’re other needs are so that you can actually maybe put in a lower offer and get the deal that you’re looking for.
Investigate the vendor's circumstances.
It’s absolutely essential that you do your own pricing research so that not only do you understand values in the area and what this property is worth, but if you need to put in an offer that’s a lot less than the asking price, you need to be able to put your case forward to the agent and justify it so that they in turn can do the same thing with the owner.
Do your own pricing research.
Another tactic is to consider putting in two very different offers on the same property. One with a lower price and very enticing terms to the vendor, and the other one is maybe a little bit more in price but the conditions just really aren’t satisfactory, like a really long settlement for example. 'cause what it does is it actually gives a reference point to the vendor when they're looking at the two to decide which one is better and obviously you’re hoping that the lower price one is more appeal to them. But at the end of the day you need to be able to honor both offers that you male. 'cause if they don't choose the one with the lower price, you will still need to honor the higher priced property with the better conditions for you.
Make 2 different offers on same property.
Put a deadline on your offer. For example, five o clock the following day. you know, the agent needs to crunch the owner to actually get a yes or a no out of them and you want to make it look like there’s some pressure, or you want to apply some pressure to your offer.
Place a deadline on your offer.
Now the number one strategy to put you in the box seat is if you’re in the position where you don’t need to put any finance conditions, any building and pest inspection conditions, you can make it a very clean off subject to no conditions at all, that will put you in a very powerful position so if you are able to do that, make your offer unconditional. It’s very compelling giving the vendor something to very seriously think about.
Make your offer unconditional.
If it’s a buyer's market and there’s a lot of property around, you might have the option of actually liking two properties simultaneously and if this is the case, you can actually put two verbal offers forward with the intention of accepting the first one that comes back to you, and you can let both agents know that that’s exactly what you’re doing.
Make 2 verbal offers of 2 different houses.
So in the end Stephen and Amelia bought a really great house as their new family home and they actually bought the property where their offer was not the highest price. In fact it had the best conditions against some competing offers so it just goes to show these