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