When it comes to making an offer<\/a> on a dream home, it seems everyone\u2019s an expert. <\/strong><\/p>\n Go in high, some people insist. Low-balling is the way to go, according to others. But the reality is more complex.<\/p>\n Jarrod McCabe, associate director at Wakelin Property Advisory, an independent buyers\u2019 agent in Melbourne, says there\u2019s no \u201cone size fits all\u201d approach to putting in an offer \u2013 especially on a dream home.<\/p>\n He recommends buyers put well-meaning advice aside and instead treat every potential purchase as unique.<\/p>\n \u201cThe first piece of advice is to understand that every negotiation, and every property sale, is different, so there\u2019s no hard and fast rules,\u201d McCabe says.<\/p>\n \u201cThis is especially true when you consider you can buy at private sale, before an auction, at auction or after auction, in a \u2018passed-in\u2019 scenario. All these situations vary greatly, so you need to work on a case-by-case basis,\u201d he says.<\/p>\n McCabe says being successful comes down to four key factors:<\/p>\n Just like the Scouts say, buyers need to be prepared, McCabe says.<\/p>\n \u201cLook at recent sales evidence and compare directly to the property you\u2019re looking at, to understand where the property value sits,\u201d he says.<\/p>\n \u201cYou need to have a good understanding of the local market and other similar properties that are available and use that to your advantage when making an offer and negotiating,\u201d McCabe says.<\/p>\n Look at sales data for similar properties in your area. Picture: realestate.com.au\/sold<\/p>\n<\/div>\n Would-be buyers must also understand the specific sale methodology being used to sell the property, McCabe says.<\/p>\n \u201cYou need to ask questions to understand how the sale is going to be handled, so you can approach it in the right way,\u201d he says.<\/p>\n \u201cWhat is the offer process? Will the property go to the highest and best offer? Will there be a boardroom auction? Will the agent give the first bidder a right of reply? Will offers be disclosed? These are the sorts of things you need to know, as different agents handle sales in different ways.<\/p>\n Also investigate settlement terms, deposit amount and other aspects of the contract of sale, which can be exploited in a negotiation.<\/p>\n \u201cIt\u2019s impossible to buy a property without knowing the rules of engagement.\u201d<\/p>\n Even when a dream home is involved, buyers should remain objective and be prepared to walk away.<\/p>\n \u201cIt\u2019s simple, if you\u2019re not prepared to walk away, you will get taken for a ride at some stage,\u201d he says.<\/p>\n \u201cBe determined, single-minded and well-informed. Most people who are that way tend to do well.\u201d<\/p>\n It\u2019s important to communicate your interest to the agent. Picture: Getty<\/p>\n<\/div>\n McCabe says buyers need to strike a careful balance in their communication with the selling agent.<\/p>\n \u201cSome people say \u2018don\u2019t tell the agent anything\u2019, but there is absolutely nothing wrong with showing you\u2019re keen on a property. Tell them you really like it and that you would like to be kept in the loop, that\u2019s a good way to approach it.<\/p>\n \u201cOf course, never tell the agent what your budget is, keep that close to your chest, so you can get the property for the best possible price.\u201d<\/p>\n
\n <\/p><\/div>\n Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\n
Do your research<\/h2>\n
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<\/p>\nUnderstand the sale process<\/h2>\n
Remain objective<\/h2>\n
Communicate with the agent<\/h2>\n
![\"real](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2017\/11\/24125405\/real-estate-inspection_2000x1500.jpg?resize=2000%2C1500&ssl=1\")
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