When to put in an offer
Category Buyer Information
You are ready to buy a new property and the house hunting is going well. You have finally found what you are looking for, but you are not quite sure when the right time is to put in an offer. This may be because you cannot pay the full price and would want to put in an offer below the asking price.
The short answer is always that the right time to put in an offer is right now.
Without a proper Offer to Purchase, the seller is unable to see whether you are actually serious about the property. You will often find that once a seller sees an offer on paper and considers it, they may well accept it. Or, they may decide to decline and you then have another opportunity to reconsider and perhaps increase your price offer closer to what the seller is looking for.
Never assume that you are the only buyer interested in a property even if you arrive at the show house and it seems a bit quiet. These days, serious buyers may already have done a preview before the show day. You should also not assume that the seller won't look at a serious offer. Unless you actually make the offer, you will never know.
If you are serious about the property then it is best to put in a serious offer without onerous conditions. The better your offer, the better your chance of securing the property. Preparation is key. For example, if you need a bond, then do a pre-qualification to ensure that your credit score is adequate and that you will be able to get a home loan.
If you have an existing property that needs to be sold, then get that on the market as soon as possible because you need a sense of whether there is an appetite in the market for your property and price otherwise you may be very disappointed.
Author: Seeff Blouberg
