5
Negotiate in Writing
The best( and only way) to negotiate in a professional manner is to submit a written Offer to Purchase. Such approach will always make you stand out and offer you the chance to engage in serious discussions with the seller and / or the agent. Once you have done so, expect reciprocity and do not engage in counteroffers unless those counter-offers are also in writing.
6
INVESTOR INTELLIGENCE
Create Urgency in the Seller
Make sure that specify in your Offer to Purchase that your offer is only valid for 24 hours, no matter what you are told. The fact is that agents and sellers are almost always in close contact. Establish urgency with both of them.
7
A Standard Purchase Agreement Doesn’ t Exist
Beware any claim by sellers and agents that you should sign the Offer to Purchase( OTP) without any worries, as it is a“ standard” agreement. I often come across a number of really nasty clauses in agreements that are designed to reduce your rights to the unfair benefit of sellers and agents.
Ask for a copy of the agreement, take it home, read it with care and ask for advice if you do not understand something. An OTP is a legally binding agreement that can land you in hot water like having to pay for agents’ commissions even if you never take transfer of the property.
28 MARCH 2021 SA Real Estate Investor Magazine