In Kenya there are several ways to purchase a property. They include.
This is the most common method and is also known as a 'private sale', this selling method gives both the buyer and seller the most flexibility to negotiate price and purchase conditions.
Prospective buyers make offers on the property while the property is listed for sale on the market. Private treaty sales mean you have the option of attempting to negotiate the price or other selling conditions with the owner's agent. There is no 'deadline' to a private treaty sale but be aware that properties in high-demand areas can sell quickly - so if you are interested in a property, you should make enquiries with the Carlton Realtors’ agent who has listed the property for sale. If the owner has accepted your offer, there is a cooling off period, during which you should perform any due diligence on the property, such as securing home loan finance if needed and having pest/structural inspections done.
An auction can be tricky to navigate and that is why pre-planning is essential. Ensure you are comfortable with the bidding process, set yourself a limit, avoid entering personal bidding wars and remember to take your chequebook with you!
In some areas, auctions are the most popular method of sale, and there is a chance that you can secure a property at a good price where there is low interest or competition from other bidders.
- Buying a home at auction is riskier than buying through the usual process. It is vital to be well educated about how real estate auctions work.
- You can find home auctions through local governments, real estate realtors, and online sites.
- Auction properties often than not do not have a home inspection or any legal way to view the interior in person. If you cannot afford the risk of buying a property in poor condition, stick with auctions that allow you to inspect the property before bidding.
- Review and understand all auction rules and do your due diligence on any property you are interested in purchasing. For instance, check for claims, liens, and occupants before you bid.