Due to the copyright of the ADLS and REINZ sale and purchase agreement, PropertyDeal is unable to generate a printable copy and instead must over print details of accepted agreements onto an original hard copy.  Sellers can purchase a hardcopy.

PropertyDeal guides either party through the process but highly recommends members consult with a lawyer before making an offer so they fully understand the process and implications of making an offer on a property.

OFFERS

Offers are viewed differently by the buyer and seller. An obvious point of difference is the offer price. The buyer will try to purchase a property at the lowest price possible while the seller will want to achieve the highest price they can get.

The other main point of difference is the conditions attached to the offer. Conditions have often favoured the buyer giving time to obtain finance, sell their home and/or complete due diligence for instance. Nowadays a number of conditions have been masterminded to favour the seller also. These are generally referred to as escape clauses enabling the seller to accept a more favourable offer from another buyer even when their home is currently under a conditional offer. In many ways this levels the playing field when conditional offers are made as sellers can be at the mercy of the conditions imposed by a buyer.

It cannot be stressed enough how conditions can influence how an offer is viewed by either party. An unconditional offer is just as likely to be accepted over another higher conditional offer.

Buyers who research the market and gain pre-approved finance can make a cash offer, which might yield a better result - for everyone.

The first offer can set the tone for the negotiation process somewhat. The offer will declare your intentions both as to price and the conditions you require.

Key points in understanding the normal procedure for counter-offering

     Don’t be totally convinced by the saying ‘the first offer you receive is usually your best offer’ It is common for negotiations to go backwards and forwards six times before an agreement is reached

     It has been said that a property will attract the most interest in the first five weeks of exposure to the market. This can depend on a number of factors but is worth considering and remembering.

     Inevitably emotions become involved but don’t let them take control. If an offer is received that you feel is offensively low, resist the temptation to be offended – they are just playing the game and it is not personal! Instead of refusing to continue the negotiations, you should instead counter offer with what you consider to be reasonable. There’s no point in letting interest slip away - even if you are initially offended by it.  This is a common mistake sellers make in the private setting and should be avoided at all costs - every offer has merit and is worth counter-offering.