Water view home purchased $400k under asking price

▉ REGION: NORTHERN BEACHES
▉ CLIENT: EXECUTIVE COUPLE
▉ BUDGET: $2.4M

Securing a Pre-Christmas Family Home $400k Under Asking Price:

Background:

Webb & Co. were engaged by a young couple looking to secure their dream home before Christmas. Their brief was clear: find a free-standing home within Sydney’s Northern Beaches, with the right combination of location, space, and potential for future growth. However, the property market in the area was incredibly competitive, with rising prices, limited inventory, and a tight budget. The couple required expert guidance to help them navigate this challenging market and secure the right property before the holiday season.

Challenges:

The Northern Beaches market posed significant hurdles. Properties were selling quickly, often above the advertised guide prices, and there was an increase in competition and limited stock as the end of year approached. Finding a free-standing home in the Northern Beaches at the right price was made possible through our connection with agents and our ability to thrive in competitive environments, turning challenges into opportunities.

Strategy:

Webb & Co specialise in crafting tailored strategies that help our clients succeed, even in the most challenging markets. Our approach focused on speed, thorough due diligence, and expert negotiation:

1. Proactive Search and Speed:
   Thanks to our strong relationships with local agents, we quickly uncovered a promising free-standing property in the Northern Beaches. Recognising the opportunity, we moved quickly, leveraging our due diligence process to gather all the necessary information and prepare our clients to make a compelling offer without delay.

2. Thorough Due Diligence and Builder Inspection:
   As part of our standard process, we arranged for one of our trusted private builders to inspect the property. The inspection revealed significant structural damage and required repairs that hadn’t been disclosed by the vendor. With this information we prepared a detailed report outlining the cost of the necessary repairs, which gave us a strategic advantage in negotiations.

3. Strategic Offer and Negotiation:
   Understanding the seller’s need for a quick, straightforward sale this close to Christmas we crafted an offer that was lower than the asking price, accounting for the repair costs. To back up our offer, we provided a comprehensive quote for the work required. This not only demonstrated transparency but also gave the vendor confidence in the accuracy of our proposal. Our offer was presented as clean and efficient, removing any complexities and making it appealing to the seller.

4. Effective Communication with the Agent:
   We worked closely with the listing agent to ensure our offer was presented clearly and professionally. By communicating effectively and highlighting our proposal clearly, we were able to foster a collaborative environment and reach an agreement quickly. Our willingness to work directly with the vendor and agent allowed us to stand out from other buyers, securing the deal before other potential buyers had the chance to enter the race.

Outcome:

Webb & Co. successfully negotiated the purchase of the Northern Beaches property for $400,000 under the asking price, a remarkable achievement in a very competitive market. By factoring in the cost of repairs and presenting a well-supported, strategic offer, we secured the home just a week before Christmas—an impressive outcome during such a busy and high-pressure period.

This result demonstrates our ability to combine in-depth market knowledge, due diligence, and expert negotiation skills to secure a favorable deal, even in a tight market. Our clients were thrilled with the outcome, having secured their dream family home at an exceptional price—just in time for the holidays.