Working with a Buyer’s Agent – Part 3
In Part 2 we looked at what’s involved in sourcing suitable investment properties through both on-market and off-market channels. In this final issue we’ll explain what happens after an offer is placed on a property.
As previously discussed, once the investor is interested in purchasing a particular property, the buyer’s agent will meet with the investor to discuss a ceiling price for the property and devise an optimum negotiation strategy for acquiring the property at the best possible price and with the most favourable terms and conditions.
Critically, when the buyer’s agent submits an offer on behalf of the investor, the offer may include a special clause that essentially provides a set period of time in which to conduct building, termite inspections and other research.
These additional clauses protect the interests of the investor and is a far safer option than relying on the regular clauses provided by selling agents.
As soon as an offer is accepted, the buyer’s agent will put together a comprehensive research report on the property and organise inspections, giving the investor all the information needed to make an informed decision.
Once the investor is satisfied with the outcome of the inspections and the research, the purchase can proceed to settlement. At this point, the investor would typically engage the services of a professional property manager to handle all the leasing and management requirements for the property.