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Making an Offer on a Property: What You Need to Know

Writer's picture: Nic FrenNic Fren

So, you've found the perfect property – congratulations! Your heart is set, your mind is racing, and now it’s time to make an offer. But when is the right time to do so? How much should you offer? What exactly do terms like "conditional offer" and "cooling-off period" mean?


Whether you’re a first-time homebuyer or an experienced investor, making an offer can feel overwhelming. This guide breaks down the process so you can make an informed decision with confidence.


When is the Right Time to Put in an Offer on a Property?

Timing is everything in real estate. Move too quickly, and you might overpay. Wait too long, and you could miss out. So, how do you know when to strike?


Gauge Market Conditions

Understanding the current real estate climate is key. In a seller’s market, where demand is high and supply is low, properties move fast. Waiting could mean losing out to another buyer. In a buyer’s market, where there are more properties available, you may have room to negotiate.


Assess Your Financial Readiness

Before making an offer, ensure your finances are in order. Ask yourself:

  • Have you secured mortgage pre-approval?

  • Do you have funds ready for the deposit and additional costs (stamp duty, legal fees, inspections)?


Being financially prepared makes your offer stronger and speeds up the process.


Trust Your Instincts

Sometimes, the right time is simply when it feels right. If a property ticks all your boxes and you keep thinking about it, acting fast can prevent disappointment.


How Much Should You Offer?

Offering too little could turn the seller away, while offering too much might mean overpaying. Here’s how to find the sweet spot:


Do Your Research

Look at recent sales in the area to get an idea of market value. Comparable properties (comps) provide a baseline for a fair offer.


Understand the Seller’s Motivation

If the seller is keen for a quick sale, they may accept a lower offer that’s more straightforward. If they have multiple offers, you may need to offer more to stay competitive.


Consult a Professional

A real estate agent can provide market insights and help you determine a competitive but reasonable offer.


How Much Should a Seller Accept?

If you’re on the selling side, knowing what to accept is just as important.


Evaluate the Offer

Look beyond price—does the offer include conditions that could slow things down? Is the buyer pre-approved for finance? A slightly lower offer with fewer conditions might be the better option.


Consider Your Timeline

If you need to sell quickly, you may be more inclined to accept an offer that ensures a smoother transaction.


Know Your Property’s Worth

A Comparative Market Analysis (CMA) from an experienced agent will give you a clear picture of what your property is worth, helping you set realistic expectations.


Understanding Conditional vs. Unconditional Offers

The type of offer you make or accept can have a significant impact on the transaction.


Conditional Offer

A conditional offer includes contingencies—requirements that must be met before the sale is final. Common conditions include:

  • Finance approval

  • Building and pest inspections

  • Sale of the buyer’s current home


These offers provide protection for buyers but may be less appealing to sellers.


Unconditional Offer

An unconditional offer has no contingencies. It’s often more attractive to sellers as it guarantees the sale will proceed, but it carries more risk for buyers.


Can My Conditional Offer Be Outbid?

Yes, conditional offers can be superseded by unconditional ones. If another buyer submits a clean, unconditional offer, the seller may favour it—even if it’s for a slightly lower amount—because it minimises risk.


To make your conditional offer more competitive, consider:

  • Offering a higher price

  • Reducing the number of conditions

  • Shortening the time frame for conditions to be met


What Happens After Paying a Deposit?

Paying a deposit shows you’re serious, but it doesn’t lock in the sale.


Conditions Still Apply

If your offer includes conditions (e.g., finance approval, inspections), they must be met before the sale is finalised. If not, the sale may fall through, and your deposit is typically refunded.


For sellers, a deposit signals commitment but doesn’t prevent them from considering other offers until conditions are satisfied.


What Does "Under Offer" Mean?

A property listed as "under offer" means the seller has accepted an offer, but the sale isn’t final yet. The buyer is working through conditions such as finance and inspections.


Can You Still Make an Offer?

Yes! If a property is under offer, you can submit a backup offer. If the current deal falls through, the seller may consider yours next.


What is the Cooling-Off Period?

A cooling-off period allows buyers to withdraw from a property purchase within a set timeframe, usually without significant penalties.


How Long is the Cooling-Off Period?

The duration varies by state and territory. In some locations, it’s just a few days, while in others, it may be longer.


What Are the Limitations?

While the cooling-off period offers protection, there may be a small forfeiture fee if you decide to back out. Understanding the specific terms in your state is crucial.


Final Thoughts

Making an offer on a property doesn’t have to be daunting. With the right knowledge and preparation, you can navigate the process with confidence—whether you’re buying your first home or adding to your investment portfolio. Understanding market conditions, knowing when to act, and working with experienced professionals will put you in the best position for success.


 

🎥 [30-Second Social Media Video Script] 🎥


📍 Setting: Standing in front of a visually appealing home OR inside a well-lit, stylish living room. Ensure good natural light or use a ring light for brightness.


🎥 Camera Setup:

  • Opening shot: Medium close-up (chest up), direct eye contact with the camera.

  • B-Roll cuts: Quick overlays of property listings, negotiation scenes, or a buyer signing documents.

  • Closing shot: Over-the-shoulder or slight zoom-in for emphasis.


🎬 SCRIPT:

🎥 [Medium close-up: Agent looking directly at the camera.]👋 "Thinking about making an offer on a property? Timing is everything!"


🎥 [Cut to agent walking towards the camera, slight zoom-in.]📈 "If it’s a seller’s market, waiting could cost you. But in a buyer’s market, you might have room to negotiate."


🎥 [Cut to a shot of a phone scrolling through property listings.]💰 "So, how much should you offer? Check recent sales in the area, understand the seller’s motivation, and always be financially prepared."


🎥 [Back to the agent, now with crossed arms or a confident stance.]"Conditional vs. unconditional offers—know the difference! A clean, unconditional offer is more attractive, but a conditional offer gives you protection."


🎥 [Final close-up, slight zoom-in.]🏡 "Buying property doesn’t have to be a guessing game. Know the market, do your research, and act with confidence!"


📌 "Follow for more real estate tips!"


🎬 Final Notes for Shooting:

✅ Keep energy high and tone conversational.

✅ Use dynamic cuts to keep the video engaging.

✅ Add captions for accessibility.

✅ Use background music that’s upbeat but not distracting.

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