Take control of your property purchase and negotiate the sale price direct with the agent and be prepared with some questions you may have about the property.

 

Why they are selling?

Ask the agent why the owners are selling their property.

You may want to know if they are upgrading to a bigger home, or moving interstate, or downsizing because their children have moved out. This information out will help give you piece of mind as to why a seller is selling.

 

Sellers Asking Price

A seller will usually have determined their sale price, prior to listing, based on a number of factors. 

• They may have had a property valuation.

• They may know of other similar properties which have sold in the area.

• Or, they may just want a particular price for a property based on their financial situation.

 

Ensure you have researched the property and suburb to determine whether the price the seller is asking for is realistic.

 

 

Deciding on your purchase price

Factors such as a detailed Property Valuation, research on similar properties and your financial situation will determine how much you are willing to spend on a property. When negotiating on your purchase price always keep in mind your absolute maximum price so that you do not negotiate above this. 

 

Competition

Competition and buyer interest can play a small part in negotiating the sale price of the property. Find out from the agent if there are a number of interested buyers, or if they have received any offers. Don’t be afraid to ask what price and settlement terms they are offering.

 

Settlement

Prior to negotiating an offer, make a decision on what settlement period you require. The sellers may already have an idea of what settlement period they would like, however, it is still appropriate to suggest your preferred length of time. As a general rule, settlement ranges from 30, 60 or 90 days.

 

Don’t rush in

Put in your best offer and if the seller does not accept, inform them that you will come back to them shortly to see whether they have changed their mind.

A seller can sometimes reconsider a price once they have had some time to think about it.