select
|

How to make a successful offer

Many homebuyers believe they should start with a low offer and then “bargain up” towards the sellers’ asking price. But most experienced agents can attest to the fact that too many offers and counteroffers will usually kill the deal.

Indeed, even in the current “buyers’ market”, there’s a real art to making a successful offer to purchase, and prospective buyers would do well to learn it if they wish to end up with the right home at the right price, says Berry Everitt, MD of the Chas Everitt International property group.

“To start with, serious buyers should spend time researching the market in their area of choice, and especially obtaining information about current selling prices rather than advertised prices.

“At the same time, they should establish what they can comfortably afford and apply for formal home loan pre-approval, which will ensure that sellers will take them seriously when they do make an offer.

Writing in the Property Signposts newsletter, he says the next step should be to eliminate any properties that are obviously overpriced from their list of “possibles”.

“It is really a waste of time to even view these properties, let alone contemplate making an offer to purchase, as a seller who has not taken the trouble to set a realistic asking price is hardly likely to even look at an offer for a lesser amount.”

On the other hand, Everitt says, serious sellers in the current market will have spent a lot of time with their agent to get their asking price just right, and will not have left much of a cushion against lower offers.
 
“So finally, when they have viewed several properties and found the home they want within their target price-range, prospective buyers should pitch their first offer close enough to the asking price to encourage the seller to accept swiftly and avoid a long negotiation – or even an outright refusal.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK