All Topics / General Property / Verbal or written??

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  • Profile photo of Kellie22Kellie22
    Member
    @kellie22
    Join Date: 2009
    Post Count: 11
    January 21, 2010 - 2:31 am

    Hi All,

    We are looking at purchasing our first IP in Melbourne and would like some feedback on prefered methods of offer. Do you prefer to provide a verbal offer first and then follow up with a written (incl conditions) or go written first? Also should the written be from your conveyancer/solicitor?

    Thanks is advance

    Profile photo of christianbchristianb
    Participant
    @christianb
    Join Date: 2009
    Post Count: 386
    January 22, 2010 - 5:02 am

    There's a lot of ways to make an offer, but in my experience this has been the most successful:

    Make a written offer and attach a cheque (payable to the REA trust fund) for 10% of the offer amount.
    Ensure banking of your deposit is contingent upon signed contracts.
    Do not negotiate for a period of seven days. Stewing time.

    This method encourages the agent because they have your deposit and can feel the deal.
    It also means that the vendor has something to really think about.

    I also had an experience whereby I made offer on a house on the day (Friday) before it was due to be auctioned. I then explained that I was off interstate for the weekend and wouldn't be able to attend the auction. I left them with my written offer and deposit cheque and had a house on Saturday morning. The auction was cancelled and I signed on Monday.

    I didn't go interstate.

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