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PROPERTY TALK
For the Buyer
When you have found your ideal home and you would like to present an offer on the property, some buyers feel the need to be guided by the agent representing the property. Unfortunately it places the Selling Agent in an ethical dilemma as they are employed by the Seller and should not convey suggestive figures of where the offer may be accepted. If you should have doubts regarding this process then it is best to approach an agent that would work in your best interest as the Buyer. The benefit here is that you will have an agent that has your interest at heart and may inform you of things that may not always be clear from the beginning— especially in negotiations.
If you should decide to go the path alone of buying a property then a usual rule of thumb is that when putting forward an offer; you should put forward your best possible offer being guided by:
1) What value do you see in the property 2) Guided by the margin of 10 %
The margin of 10 % is a general guideline where you may present an offer from. So, if you were to put an offer in on a R1,000 000 home you would start your offer at 10 % less— making your starting point in the region of R900 000. Once the initial offer is in the negotiation stage begins and the Seller would either accept, decline or counter offer and raise the number to number that is more desirable to the Sellers asking price.
The value of having a Buying Agent is enormous and they would spend a great deal of time sourcing listings that would be a potential future home for you. They would offer unbiased opinions which would be in your favour and offer a great deal of information that you would ordinarily not have access to.
Going the path alone can and has been done for years. This is best done if you have some working knowledge of the area and are familiar with what to look for regarding structures and finishes. It also helps that you have some knowledge on pricing for maintenance of various materials, so that you are aware of what it may cost to repair or perform changes to a property prior to taking occupation.
Handy Tips
For more advice on property options and
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Hire a Buyer’ s Agent- It costs you nothing but your loyalty to your agent
Be guided by the 10 % margin on the asking price when you are ready to put forward an offer
Give your best possible offer in order to give your offer a fair chance of acceptance
Gain knowledge on what it would cost to revamp a bathroom or kitchen and building costs.
Marc van Heerden Cell: 073 198 9369 Tel: 041 360 0365 marcv @ sothebysrealtype. co. za www. sothebysrealty. co. za Each office is independently owned and operated
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