It’s not uncommon for vendors to receive multiple offers. The highest offer is not always the one that's accepted, and should a number of offers be received at the same level, whose will they choose? Ned Browne equips you with all the information you need to get ahead of the pack.
Understanding the seller’s position
What’s their motivation to sell? Are they in a chain? Have they been stung by flakey buyers in the past?
Try to convince the seller, via the estate agent, that you can offer them a smooth, stress-free sale. They need to trust you, so be as open and honest as possible. Be up-front about any potential stumbling blocks too.
Getting your finances in order
Also, explain your market position. If you’re a first-time buyer or chain-free, great—let them know this. If you’re in a chain, be up front about this—it will come out in the wash anyway.
If you’re selling too
In an ideal world, you would sell to a chain-free buyer. The less complicated the chain, the greater the chance of success. Apply the same criteria to yourself as the vendor of the property you’re buying will to you. Don’t just accept the highest offer, think of the bigger picture.
Be enthusiastic (but not too enthusiastic)
Properties aren’t just bricks and mortar, they are people’s homes and come with all the associated memories. That makes people sentimental—they want to like the person who’s going to live there when they move out. Reassure them you’ll take care of the property.
If you’re fortunate enough to meet the vendor—and you should push for this—tell them how much you love the property. But don’t be too gushing—or they might hike the price.
Sell your dream
If you’re about to get married, have children or buy your first property (or anything else that could resonate) share your hopes and dreams. Many sellers would prefer to sell to someone who wants to make the property a home. If you’re neck-a-neck with an investor, this could swing things in your favour.
Your timings may not align with the vendors. You might not agree with what’s included in the sale. But you need to be flexible. Remember, these are short-term niggles; don’t let them ruin months of searching and tricky negotiations.
Estates agents are invariably awash with potential buyers. Make sure you return calls and reply to emails—written communication is vital, even if you’re just reiterating earlier conversations. And don’t forget to say “please” and “thank you”.
Sometimes, through no fault of your own, a purchase will fall through. But the estate agent will know you’re a good buyer—pester them until they find you another suitable property.
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