Key Constraints – Every Property Buyer Keep in Mind When Making an Offer
When you are about to purchase a property there are few key constraints need to keep in mind to make yourself an upper hand in the transaction. Below are the some of the key constraints as follows:
- Justify Your Offer:
When you are making an offer, you need to justify your offer with some valid reasons. The reasons are so important which adds support to your offer. When you are dealing with the most experienced seller then you need to specify the figures and particularly the matters such as the amounts for civil works, so this makes the seller hard to argue. - The Amount of Your First Offer:
First of all when making too low offer can sometimes leads the seller refuse your offer. So be ensured to make an offer on some rational basis. This process avoids the running the risk of losing the property. - Be Cautious of Splitting the Differences:
The buyer needs to be careful with this strategy. For example, if you want to make an offer for $300,000 but the seller is expecting $350,000 the person who is offering the split differences would be looser. So it is better to increase your offer in small amounts, such as $310,000, then offer $315,000 and next $317,000. Each offer should go up in decreasing amounts and this specifies the seller that you are running out of steam, thus the seller accepts your offer. - The Big Deposite Myth:
‘People try to make their offer as attractive as possible by making their first deposit cheque for 10 percent of the purchase price. The flaw in this strategy is that most of the people make an agreement to buy the property by considering the factors pest and building reports. So pay a deposit up to 10 percent until all the conditions are all satisfied. - Be attentive What you say:
The buyer should be more careful what ever the statements you make regarding your offer such as “this was the biggest offer”, ” this is the most that I can pay, take it or leave” these can work against you. By these statements the seller becomes suspicious, so avoid these statements unless they are true. - Wait for response:
Patience is crucial, once you make an offer wait until the seller respond. If they did not respond, then just leave it, but don’t make another offer before the seller respond. - Wait to Get Something in Return:
Don’t make unnecessary compromises in the agreement without getting a proper concern in return.
For making a property transaction one must follow some ethics, money is not everything. Just follow the above constraints to make a good deal.