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Negotiate Offers & Acceptance & Settlement Procedure

Before you buy a property, you must do your own due diligence check list, http://www.consumer.vic.gov.au/duediligencechecklist


Selling a house is a multi-step process. Once you’ve decided to put your home on the market, you next need to worry about preparing it for sale, marketing strategies, and holding inspections. Finally, the offers have begun to roll in. The next step is to think about negotiation. Your goal should be to get the highest profit possible in the form of a high sale price. Although on the surface it might just seem like you should accept the highest offer, there may be other factors to consider.


Negotiating offers is where the expertise of a real estate agent will really help you. You can maximise your profits by choosing an experienced real estate agent who knows your local market well and is adept at negotiating. One benefit of using an agent during negotiations is that they will have no emotional attachment to the home, allowing them to approach the situation with a cool head.


The first step as you start to receive offers on your property is to evaluate them. This is something that you and your agent should do together, evaluating each offer that is put on the table. These offers will include more than simply the sale price. You’ll want your real estate agent to explain all of the variables of each offer, to find the best fit for your needs.


The following are a few of these variables that you’ll need to take into consideration:



Money talks; and a buyer who is willing to put down a deposit is a serious buyer. This is a clear indication that the buyer is extremely interested in purchasing your house and seeing the transaction through. This is also a good indication that the buyer is financially stable enough to purchase the property. A large deposit shows greater interest, because it indicates that the buyer wants to show you how serious they are and that they want a fast transaction.


A small deposit could also be promising, but it indicates that the buyer will most likely need to obtain financing from a third party, or short of cash flow or the buyer simply does not want to put a lump sum into a zero-interest bearing account for a prolong period. This possibly could make the sale slower and more complicated. Yet in many cases you’ll only receive offers with small deposits. There are other elements to take into consideration in addition to deposits.


Cash Sale vs Financing

Some buyers are able and willing to pay in cash. A cash sale will lead to a speedy result, because there’s no need to wait around for approval of financing. However, buyers who are able to take part in a cash sale also have a distinct advantage, and they know it. They may try to offer you a lower sale price in exchange for a speedy transaction. You’ll need to think about what is most important to you. If you’re in no rush, you could wait for a buyer who offers more money but needs to wait for financing to pay you.


Evaluations of Special Conditions, and Inspections

In many cases, the offer will include a clause requiring a specified pest inspection, an evaluation of the property’s structure, or a professional valuation of the home. It’s important to pay attention to who must pay for the service. The clause could require that the buyer, seller, or both of you are required to shoulder these expenses. Furthermore, they must be completed before you can move onto the next stage of writing a final contract of sale. This is one area where you’ll want the assistance of a good real estate agent, who can help you get organised and move forward.


Special Conditions

Other offers from potential buyers could include special conditions, which must be followed before the sale can go through. One of the most common examples of a special condition would be the requirement that a buyer sells their own house before they buy yours. Other examples include the need to move in right away, or the need to acquire financing with a certain interest rate. These conditions can all be negotiated, so be sure to discuss options thoroughly with your agent.


If you are selling your property for the first time, it’s natural to feel excited when you receive your first offer. Quite often the best offer is the first offer in the first 4 weeks of marketing campaign. The longer the property is on the market the less chance it is getting a better offer. This is why you need an agent to analyse for you the market behaviour at the time you had the offer, is it the seller market or the buyer market? Should you accept the offer or wait a little longer?


In some instances, some properties have been sold for less than the original offer 6 month or a year later.


Countering an Offer

One of the first option is to counter an offer. When you offer the buyer a counter proposal, this shows them that you are seriously considering their offer but have a few reservations. These could include working on the price or including further terms and conditions before you agree to a sale. The vendor might ask for more money, a different closing date, or a higher deposit. Counter offers also involved risks of the buyers may walk away from the deal. If there are more offers to come then you may exercise the counter offer.


Accepting an Offer

If you find the conditions offered to you agreeable, then you can decide to sell your house. The next step is settlement, so you’ll need to get in touch with your lender and inform them of the intent to sell. This is the time when all inspections or other conditions of sale must be carried out, with the help of your real estate agent. You should also contact your conveyance advising them of the settlement date.


Rejecting an Offer

If an offer doesn’t meet your expectations due to its terms and conditions or low sale price, you may wish to simply reject the offer. The last thing you want to do is accept an offer that is disagreeable or incompatible with your goals. Although rejecting an offer could be the last you hear from a buyer, the buyer is always able to make a different offer if they are definitely interested in the house.


Finalising the Sale

Once you have negotiated and accepted an offer, the next step is to sign the contract. This is where having a real estate agent on your side is important. The agent will ensure that all necessary steps are followed through with, including any maintenance or repairs in special conditions. This could relate to your plumbing, gas, or electrical systems. Any expenses for necessary repairs will be taken out of your final settlement. Should major structural problems be found by a contractor, the buyer can always nullify the contract.


Further negotiations may be necessary in this case. A good real estate agent will help you with the negotiation process throughout the selling of your home. They will help you stay aware of all of your options, so that you always have a higher chance of achieving your ultimate goal.