Everything is negotiable!
Not just the price.
A lot of buyers assume that property always comes down to price. Not true. There is so much more you can negotiate as a buyer. In 2023, I saw multiple outcomes where the person with the most money to spend, wasn’t actually the successful buyer (this is in private treaty negotiations, and not via auction). This happens where the person who is second in line on price is in a position to offer more favourable terms to the vendor.
What can you ask for?
Want to move in earlier or later? Sure!
Want to buy subject to DA approval? Sure!
Want to buy subject to your partner liking the property when they see it? Sure!
Want to move in rent-free before settlement? Sure!
Want the owner to rent the property back from you (often handy if the owner has not yet purchased another property to move to)?
Want the owner to include their pet cat? Sure!
If you don't believe me on the last one... This has happened... Read the story here.
Is there a catch? Sort of.
Most people don't quite appreciate that absolutely anything can be negotiated into a contract of sale. You can propose whatever unique terms you like... Although it doesn't always mean the seller will accept them. It also may dilute the quality of your offer and ultimately someone else may have a more attractive offer than you that gets accepted.
Making it as easy as possible
In any negotiation knowing what is important to the other party, the seller, is a great place to start. However, as the buyer, you will have things that are important to you. Once your due diligence is complete and you are at a point where you are ready to make an offer:
Be clear on exactly what terms you want to be negotiated.
Talk to your solicitor or conveyancer about these terms, and why they are important to you - ultimately they need to structure the wording of the proposed terms to suit your needs.
Give the real estate agent a heads up on the contract terms you will request - this will give them time to prep their client before the vendor's solicitor speaks to them.
Be honest with the agent if your terms are non-negotiable. For example, if the contract stipulates a 42 day settlement and you absolutely cannot settle in less than 60 days because you don't have the funds available - let the agent know.
Once you hear back from the vendor's solicitor, if any of your changes have been refused and this is an issue for you to move forward with making an offer, then talk to the real estate agent again about where you are at.
Always stay ahead of your competition
Unless you are buying in an exclusive off market transaction (usually where you are using a Buyer's Agent) then you should always assume you have competition. You always want to remain one step ahead of the competition, so don't go too crazy on what you want… unless you are prepared to pay a premium.
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