Making an offer

Old May 14th 2007, 5:13 am
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Default Making an offer

Hi Folks,

When you make an offer on a property, I understand it has to be made in writing. The general advice is that offers should always be made subject to finance and satisfactory reports, but when exactly do you say this? Should these 'subject tos' be placed in the written offer, or do they need to be written into the contract before any offer is made?

I'm more than a little confused now... Any suggestions?

S
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Old May 14th 2007, 5:19 am
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Default Re: Making an offer

Originally Posted by Swerv-o
Hi Folks,

When you make an offer on a property, I understand it has to be made in writing. The general advice is that offers should always be made subject to finance and satisfactory reports, but when exactly do you say this? Should these 'subject tos' be placed in the written offer, or do they need to be written into the contract before any offer is made?

I'm more than a little confused now... Any suggestions?

S
Over here in WA the real estate agent has a standard form and goes through the offer with you. The offer includes the price you are offering and the conditions. Subject to finance, white ant inspection, survey for pool, lots of things can be written into an offer.
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Old May 14th 2007, 5:27 am
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Default Re: Making an offer

Originally Posted by northernbird
Over here in WA the real estate agent has a standard form and goes through the offer with you. The offer includes the price you are offering and the conditions. Subject to finance, white ant inspection, survey for pool, lots of things can be written into an offer.

Same here in SA
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Old May 14th 2007, 5:31 am
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Default Re: Making an offer

Originally Posted by Wendy
Same here in SA
It's a private sale, so there is no agent to deal with - just the vendor in face to face (Email to Email) negotiations...

S
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Old May 14th 2007, 5:47 am
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Default Re: Making an offer

You don't normally have 'subject-to' conditions like that in the contract. You can certainly make conditions part of your offer - but they should all be sorted out by the time you sign the contract.

You would usually have the inspections (building and pest) completed AND your finances sorted out before you sign the contract. You usually get a week or so to do all this after your offer has been accepted, but before you sign the contract.

If lots of conditions were standard in contracts you'd get the same situation here that you get in the UK - ie. people pulling out of sales at the last minute for the slightest reason. That rarely happens here because contracts here are signed so quickly.
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Old May 14th 2007, 5:52 am
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Default Re: Making an offer

Originally Posted by Swerv-o
It's a private sale, so there is no agent to deal with - just the vendor in face to face (Email to Email) negotiations...

S

I'd just make sure that everything is in writing. Get a survey done ASAP and make a start on getting finance in place.
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Old May 14th 2007, 6:03 am
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Default Re: Making an offer

Originally Posted by Wendy
I'd just make sure that everything is in writing. Get a survey done ASAP and make a start on getting finance in place.
I think I was struggling with a catch 22 situation - The mortgage company want details of the house, where and how much it is, but I don't know that as I havn't made an offer, as I don't have a mortgage because the mortgage company want details of the house and how much it is etc etc...



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Old May 14th 2007, 6:21 am
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Default Re: Making an offer

Originally Posted by Swerv-o
I think I was struggling with a catch 22 situation - The mortgage company want details of the house, where and how much it is, but I don't know that as I havn't made an offer, as I don't have a mortgage because the mortgage company want details of the house and how much it is etc etc...



S
Tell them that you haven't actually found anything yet, and just want pre-approval so that you know how much you can have, and so that you can look at buying at auction too.

Failing that, say to the people who are selling that you will buy subject to getting finance. You can usually get about a week to arrange it, with possible extentions if you have any trouble.

When we bought ours, we had 48 hours 'cooling' off period, and had to get a survey done before that time expired. Finance, took us four weeks to sort out but luckily the people selling were fine with the delay.
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Old May 14th 2007, 6:23 am
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Default Re: Making an offer

Originally Posted by Wendy
Tell them that you haven't actually found anything yet, and just want pre-approval so that you know how much you can have, and so that you can look at buying at auction too.

Failing that, say to the people who are selling that you will buy subject to getting finance. You can usually get about a week to arrange it, with possible extentions if you have any trouble.

When we bought ours, we had 48 hours 'cooling' off period, and had to get a survey done before that time expired. Finance, took us four weeks to sort out but luckily the people selling were fine with the delay.
Yes, there is a 5 day cooling off period in NSW, so that's fine for inspections etc. I just don't want to make a binding offer and then have the finance application rejected leaving me in a world of pain!

S
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Old May 14th 2007, 6:27 am
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Default Re: Making an offer

Originally Posted by Swerv-o
Yes, there is a 5 day cooling off period in NSW, so that's fine for inspections etc. I just don't want to make a binding offer and then have the finance application rejected leaving me in a world of pain!

S

Definitely. It's all very confusing isn't it.

Have you thought about speaking to a mortgage broker, might make life easier for you. Plus they will be able to tell you what sort of chance you have got.
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Old May 14th 2007, 6:30 am
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Default Re: Making an offer

Originally Posted by Wendy
Definitely. It's all very confusing isn't it.

Have you thought about speaking to a mortgage broker, might make life easier for you. Plus they will be able to tell you what sort of chance you have got.
I'm (still) waiting for one to call me back. I'll give them a call when my boss has gone...

S
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Old May 14th 2007, 6:34 am
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Default Re: Making an offer

Originally Posted by Swerv-o
I'm (still) waiting for one to call me back. I'll give them a call when my boss has gone...

S

Good luck with it
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Old May 14th 2007, 6:37 am
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Default Re: Making an offer

Originally Posted by Wendy
Good luck with it
Cheers!
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Old May 14th 2007, 6:54 am
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Default Re: Making an offer

sorry to hijack,,,

how would you cover yourself if you wanted to pull out,
say ,if you found a better property?

sorry

ast
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Old May 14th 2007, 6:57 am
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Default Re: Making an offer

Originally Posted by aston man
sorry to hijack,,,

how would you cover yourself if you wanted to pull out,
say ,if you found a better property?

sorry

ast
That's just it - you're not meant to. An offer is an offer as far as I understand. Once the contracts are signed, and the cooling off period has expired, then you're in...

S
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