HOME > BLOG > Buying and Selling > How to Make an Offer on a Property

The sellers (also known as vendors) will arrange times with the real-estate agent – usually at weekends – when the home can be available to be viewed.

Spending a day visiting open homes is an excellent way of acquainting yourself with the property market in areas you are interested in.  It is also a good idea to first get pre-approved for any loan that you might need so you can feel confident when you do find the home you love and are ready to move forward.

Once you find the “perfect” home remember the golden rule. That is, “the deal of a lifetime comes around twice a week.” Don’t get a rush of blood to the head, stay calm and only make verbal offers that are conditional (usually conditional on finance as well as a satisfactory pest and building report)!  When making offers and negotiating with the vendor (this is usually through their agent), it is best to make any opening offer low as increasing it is much easier than trying to retract a higher offer and replacing it with a lower one.  Be sure to know the point at which you are prepared to walk-away and don’t go past it.

If you and vendor do agree on a price, then it’s time to take the first sip of champagne. Things are moving in the right direction, but there is still a lot to do. Including:

  1. Take the contract of sale to your solicitor and get legal advice.
  2. Order a pest and building report and be comfortable with its contents.
  3. Get your lender to unconditionally approve you (they may need to do a valuation at this point). Don’t rely on your pre-approval as this is not water tight.

Once you have satisfied yourself on these points, then your solicitor can guide you through the formal exchange of contracts.  With most of the hard work done and you can feel more relaxed about finishing off that bottle of champagne.