Buying a new home can be compared to climbing a ladder; each rung you go higher brings you one step closer to owning your own home.
First, you ensured that your credit score is healthy, your finances are in order and you have a sizable deposit to put towards the transaction.
Then you went in search of your dream home, ticking down the list of must-haves and getting the whole family excited.
At last, you have found the home of your dreams and your next step is to make an offer to the seller, indicating your interest to buy the house.
Submitting an offer is fairly simple but requires a little effort to make sure everything is just right. This is often where most buyers start to become a bit nervous since there are legalities to look after before acquiring the biggest asset you will own. The good news is that it isn’t as intimidating as you think, except for the excitement of waiting on the seller’s response.
Let’s look at what you can expect when you are ready to take the next step in buying your home.
Tips For Submitting Your Offer
1. Make a list.
Visit the property and list all the items that you would like to include in your offer to purchase. In other words, what you will be buying besides the immovable property. This might be small items like blinds or custom curtains to larger items like ovens or furniture that was custom designed to fit into certain spaces.
These items will be specified in your offer, so try to be as detailed as you can possibly be.
2. Declare your interest.
Speak to the estate agent or the seller to let them know that you are interested in making an offer. Indicate the sale price you are willing to offer and provide the list of everything that you want to be included in the price.
Don’t be shy to offer below the asking price because the asking price is generally made up to allow some negotiating room for both the buyer and the seller.
3. Get the documents going.
Sit down with your agent and compile a full document with clauses detailing everything surrounding the transaction. The date of occupancy, whether there is a deposit included, or if there is a suspensive condition that applies.
This document will be created in order to protect both the buyer and the seller and to prevent any possible confusion down the line. If both parties are fully aware of all the details of the sale, then the likelihood of a smooth transaction is so much higher.
4. Wait for the seller’s response.
Even though the seller is not legally obligated to inform you of their final decision, they will very likely notify you in any case. The seller has the final decision of whether they will or will not accept any of the offers that they may have been presented with.
This might be when negotiations begin when the seller can submit a counter to your offer. Allow your agent to guide you in these negotiations as they often know what is reasonable and what isn’t.
5. Finalise the transaction.
If your offer has been accepted, the seller will be able to sign on the now legally binding contract. This brings the contract into working effect and all that is left to do is to move into your new home on the date that was chosen.
Congratulations on the purchase of your new home!
To make an offer on a home is as simple as the five steps listed above. Consult with your agent on a regular basis to ensure that you are kept in the loop throughout the process. The one thing that most buyers agree upon is that the worst, is the waiting. Most home sales may take a few months to complete, so prepare accordingly.
The Milkwood Townhouse Complex is a brand-new housing development where you can buy directly from the developer. This means that there are no transfer costs involved while you have access to the best possible interest rates. Contact one of our agents to book a viewing appointment of these beautiful homes situated in a secure environment.