Researching Your Offer

Before making any offer, it's important that you do a little background work to find out as much as possible about the property, such as why the owner is selling, the condition of the property and whether the asking price has been reduced. For example, you may be able to negotiate a substantial reduction if there's a lot of work to be done to bring the house up to standard.

Other important questions include the following:

Is the Asking Price Realistic?

Compare the price of the property with similar properties in the area. If it has been on the market for a long time, it may be overpriced, unless it has obvious faults.

How Urgent is the Sale?

Some vendors might tell you outright that they must sell by a certain date and that they will accept any reasonable offer. You may be able to find out from neighbours why someone is selling, which might indicate whether an offer would be accepted.

What is the State of the Property Market?

Buying when the market is flat or during the winter when there are few buyers around may get you a bargain, although you will have to come in much nearer the asking price when the market is buoyant.

How Long has the Property been on the Market?

If it has been on the market a while - why it hasn't sold. Generally, the longer a property has been for sale, the more likely a lower offer will be accepted.

What is the Neighbourhood Like?

If there are many apparently desirable properties for sale in a particular area that have been on the market a long time, you should find out why.