Getting the deal done involves more than just price considerations.
In the current market, most home sellers are understandably focused on getting any offer to purchase that is reasonably close to their asking price - but they should not lose sight of the fact that there are often also non-price terms that also need to be successfully negotiated before a deal can be concluded.
Factors such as the deposit, valuation, financing, any inspections required, fixtures and fittings and the occupation date are important considerations that must not be overlooked.
Some sellers are uncomfortable about accepting an offer from a buyer who does not have a cash deposit, for instance, while others now won’t even look at offers from buyers who haven’t been pre-qualified for a home loan.
The occupation date can also quickly become a sore point unless resolved from the start. Even though it might be impossible under the current conditions for a buyer to take occupation before the transfer, things could change fast so it is still best to stipulate the occupational rent amount that would be payable in the sale agreement. Similarly, if the seller would like to occupy the property for a certain amount of time after the transfer has gone through, this needs to be negotiated upfront and agreed to in writing.