Making an offer

Discussion in 'The Buying & Selling Process' started by The Sparky Investor, 15th May, 2017.

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  1. The Sparky Investor

    The Sparky Investor Well-Known Member

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    Hey guys! I am looking at purchasing a place very soon and was hoping you could let me know of some terms I could put into my offer to help me.
    Eg, I want a short settlement and hoping for early access to the Property. I know to put in about financial approval from my particular bank, but what else should me mentioned?
     
  2. Propertunity

    Propertunity Well-Known Member

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    The more T&Cs you put in your offer, the less favorably it is looked upon. So far it's all about what you want. What do the vendors want? Try to find that out and structure your offer as a win-win.
     
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  3. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Hi @Jack95

    Be sure to recruit a solicitor/conveyancer before you submit your offer. This person should review the contract for you before you sign & submit it, and guide you regarding anything to be wary off, correct wording of conditions etc.
     
    Last edited: 15th May, 2017
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  4. neK

    neK Well-Known Member

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    Just because you want a short settlement doesn't mean the bank is able to do it in the time frame you want. Unless it is a broker / lender you've dealt with before and you trust, their words aren't worth anything - people will say anything to get you into bed.

    As for early access, that may scare some people. I would restrict it to earlier "viewing" access only. Realistically how much work are you going to do yourself? If you are lining up trades, it's going to take them a few weeks before they can start anyway. Use the time leading up to settlement to get trades in to quote, work out what you want done and order materials and be ready to move the day after settlement.
     
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  5. WestOz

    WestOz Well-Known Member

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    Obviously depends on the vendors situation/requirements, if occupied or vacant etc.
    If vacant, vendor could agree on O&A to permit early access upon finance approval.
    You could submit an "as is" offer, however the lender may not like that.
    Or attach conditions/appendix, building report, termite, all gas, elec, plumbing in working order etc.

    However as @JacM said;
    Their cost is minimal vs what it could cost if you don't get it right.
     
    JacM likes this.