Making a firm offer - require help in negotiating

I have found a property that I am keen on buying as an investment property. The property needs quite a bit of renovation, but the land size and location is v good.

Currently rented by a long term(5 + years) tenant, they are happy to continue renting and I won't have to spend on renovating in the near term.

The property is a deceased estate, in market for 4 weeks already.

I believe if I offer 30,000 less than the
The asking price, it would be accepted by the vendors family ,from what I felt after talking to the real estate agent

As it is close to Xmas, not many serious bidders.

My question is, what can I do to make a serious bid without bidding a higher amount? Like one and final offer only. Perhaps bigger deposit, 30 day settlement?

 

Unconditional offer?

 

Depending on if everyone that is in the estate and if they are all on the same page,then just make an offer that covers 24 hours then tell the agent ,it's up to you to make it work..imho..

 

Unconditional offer, open for 24 hours only, short settlement and perhaps agree to release the deposit early (you can secure your interest with a caveat). Good luck!

 

I would just ask the agent what they need. Let him know your best price you can offer is fixed but if there's anything else important to them to let you know.

Better than guessing.

 

Put it on a contract with a deposit cheque, that way vendors know it a done deal if they just sign the contract. Its a powerful incentive.

 

Yes, Melbourne.

 

Regarding the deposit, that is just so that if finance is approved,provided 'subject to finance' was the only condition, then if I don't buy property, I will lose deposit?

You can still get the deposit back, if bank rejects to finance for some reason?

Thanks

 

If you have loan pre-approval and just need final property approval eg a val etc then the agent should be told as this could help make a condition less than it appears. If the contract remains uncertain for three weeks while you chase finance approval its very different to a quick site val by the bank and a week for loan approval.

 

Thanks for the advice. Let's see how it goes.

 

I would load up the contract with a few more clauses then just subject to finance,that way you can cover yourself and the deposit..

There has been several post about contracts ,some unable to settle ,some forced to settle and the clauses people use within this site..

Just do a search within this site and write down the explicit ''Do's and Don''t's from the experience of others just to remind yourself that ever contract is different..imho..