Summary
We were engaged by our clients to search and secure a home in Cronulla / Woolooware area in a price bracket where buyer demand was high. Our clients were time poor due to busy work commitments and in addition had a young family. Undertaking the search themselves and inspecting properties was always going to be a struggle. Our job was to find that right home and secure it within a short time frame.
Key Points
After two weeks into our engagement we found a property that ticked the boxes and was within their budget. We advised our client and began fast track due-diligence with particular focus on the vendor’s motivation for selling. We had concerns in regards to the vendors price expectation. After thorough analysis of several comparable sales that undermined the vendor’s initially bullish price expectations we expressed to the selling agent that our client was showing interest in the property, but we had concerns in regards to price. Our client inspected the property and conveyed to us that the property was perfect for them. Our other immediate priority was to contain our clients’ enthusiasm for the property in order to restrain them from paying too much for it.
We discovered that the vendors were highly motivated to sell and would consider offers prior to auction. Secondly, after a number of discussions with the agent we established that the vendors were going to be realistic with their expectations on price. Before submitting our offer, we had the contract reviewed and a building inspection was undertaken. Once all was checked out to be satisfactory, we made an offer (below our best) to the agent on the basis that our clients would proceed to exchange a contract unconditionally today if accepted. The agent initially rejected our offer on behalf of his client. Our clients were eager to close the deal, however, we instructed our clients to hold off counter offering. The result was that the agent finally came back to us the following day and our offer was accepted.