When you are ready to write up a contract, the next step is to decide on the price you wish to offer the seller and under what conditions you wish to make the offer. Common conditions of sale are: subject to finance, a builder's report, a pest inspection report, sale of another property, solicitor’s approval of the contract or specialist inspection or approval.
The seller can accept your offer, reject it or counter sign it. Counter signing usually occurs when the seller is not satisfied with the price offered and/or terms and conditions or settlements date included and subsequently alters them. The contract will be brought back to you for your consideration. If you accept, you initial the seller’s alteration and the property is under offer to you, subject to any conditions that the contract may contain. Alternatively you also have the right to counter sign. Your sales consultant will continue negotiations between you and the seller until you are both in agreement.
This process generally does not occur when buying at auction. When buying at auction you will be signing a cash, unconditional contract with no five day cooling off period.
The dangers of offering too low
Once they find the property they wish to purchase many buyers are tempted to “start low” with their offer.
We understand, but would not be giving you complete service if we did not warn you of what can happen.
If you are serious about purchasing the property it is wise to make a genuine offer that reflects your serious intentions and appreciation of the true value of the seller’s home.
Please see attached "Yes we love it and want to make an offer" Form.