Are you ready to make an offer?

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Just like marriage: everything starts with a proposal. Once you find your ideal home it is time to make an offer. Like any other proposals you’ll ever make in life, your main objective is to be accepted. It is, however, all too easy to get carried away by your emotions when making an offer on a property. You’ve found the perfect home and you can already envisage yourself living there. You know exactly where everything will go…your books, your sofa, your TV…they have all been mentally placed in the perfect spots. Although there is nothing wrong with making plans, it is important to keep your feet firmly on the ground at all times. Remember that purchasing a house is a business transaction involving contracts and money and as such, you need to be prepared for a variety of potential outcomes and situations. For instance, what would you do if the seller rejects your offer? What can you do to reduce the risk of being outbid by another buyer? Here are a few tips that might help.

Find out the owner’s reasons and motivation to sell

Most home owners sell their properties simply because they need money or want to obtain some financial gain. Although this is generally true, a seller’s motivation to sell is not always as clear cut as it might seem. In most cases there is a combination of factors involved, such as a desire to move somewhere else, personal circumstances, emotional factors and so on. Identifying these will help you understand the seller’s goals and this in turn, will help you plan your offer accordingly.

At Nor Estates we always make sure we understand our clients’ objectives. We take the time to talk to them and know exactly what questions to ask to get the information we need to match their house with the perfect buyer.

You need to know, however, that those kinds of estimations are optimistic. You shouldn’t really expect those results. Still, if you manage to keep your property rented for just 75% of the year, that will still give you an income of €9,000 a year.

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Ideally, you’ll want to get the best deal for you but, at the same time, you don’t want to risk losing a house you love by making an offer that could be insulting to the homeowner. Be realistic and considerate and ask your agent to give you information about other similar properties that have been sold in the same area recently.

When making an offer on a property, offer the right amount of money

Deciding on the right amount to offer can be quite tricky. You know it will generate a reaction and you want it to be favourable. The first thing you should do is to consult your estate agent as they will be able to give you an idea of what the seller might be willing to accept.

If on the other hand, you want to eliminate the possibility of being outbid by another buyer, then making the strongest offer possible could be a good option. Be careful, however, that you are not overstretching yourself by offering more than you can afford.

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When making an offer on a property, be nice and likable

Some potential buyers tend to overlook the importance of making a good impression when they meet the property owners. They wrongly assume they have the upper hand just because they have the money to purchase the property and as a result, they tend not to care about what they say or do when viewing a property. It is important to remember that when someone owns a house there is usually some type of emotional attachment to it. The sellers are not just selling a property; they are selling their home, a place full of memories. This is one of the reasons why as a potential buyer, you need to be on your best behaviour when you meet the seller. Avoid making any unpleasant comments about the house and keep quiet about your grand improvement plans for the garden or kitchen. Being liked by the owner of the property can make things a lot easier when it comes to negotiating terms and price.

When making an offer on a property, be flexible

You should also avoid making unreasonable demands when making an offer. Remember that moving houses can be quite stressful and feeling as if you are being pushed out of your home can be quite distressing.

If your offer is rejected

The first step when you hear that the offer an a property was rejected is to find out why. If you are using a real estate company, they should be able to tell you why your offer was unsuccessful. Get as much feedback as possible as this will help you come up with a new strategy. If you really want the house, you might have to re-think your options and make another offer.

If your offer is accepted

It is important to remember that oral promises and agreements are not usually legally enforceable in real estate. This means that if your offer is accepted you need to have it in writing. A professional real estate agent such as Nor Estates will always provide you with a standard reservation deposit form for both parties to sign. Upon signing this document, you will also be required to pay a deposit which is usually refundable at this initial stage. Additionally, you should also ensure that the seller takes the property off the market. At Nor Estates we will do all negotiations on your behalf. All our property consultants are trained to ensure they know how to make an offer on a property or deal with any potential objections and problems. We do our best to provide professional service to all our clients. Contact us if you are thinking of buying or selling a property.