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TOP 5 TIPS ON DEALING WITH AN UNEXPECTED OFFER TO PURCHASE

For a property owner who had not envisaged selling his/her property, an unexpected offer to purchase may be well worth considering. Adrian Goslett, CEO of RE/MAX of Southern Africa shares his top five tips on how to deal with such an offer in a safe and efficient manner.
 
ANALYSE CURRENT PROPERTY TRENDS IN YOUR AREA
As and when approached with an unexpected offer to purchase, Goslett advises property owners to first and foremost obtain information about current property trends and the market value of their property to ascertain if the price offered is fair and attractive enough to consider.
 
REVIEW YOUR FINANCES
“Aspects such as outstanding bond repayments as well as the tax and financial implications of selling your property need to be carefully considered before making a decision,” notes Goslett. Also look at whether or not your property serves as surety for other investments you have as this would need to be renegotiated.
 
RESEARCH FUTURE DEVELOPMENT PLANS
Information pertaining to future development plans for the area and the expected growth in property values over the next few years will also help property owners in making the right decision. “A new and upcoming shopping centre or upmarket security estate in close proximity to your home, for example, will have a positive effect on property prices in the area. Hence, property owners may decide to rather hold on to their property for the time being,” says Goslett.
 
ENQUIRE ABOUT THE BUYER’S INTENTIONS FOR THE PROPERTY
It will also be valuable to know whether or not the offer to purchase is subject to town planning and/or zoning approval. “A buyer who wants to rezone your residential property for business purposes, for example, may want the opportunity to reconsider his purchase offer if business rights can’t be obtained,” explains Goslett.  
 
CONSULT A PROFESSIONAL
He adds that property owners who receive an unexpected offer to purchase should also consider obtaining advice from a conveyancer or reputable estate agent. “By doing so, property owners can rest assured that all pros and cons will be explained in a professional and objective manner,” he concludes. 

ISSUED BY GREEN GRAPES COMMUNICATIONS ON BEHALF OF RE/MAX OF SOUTHERN AFRICA


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