Buying a property is one of the most significant financial and (sometimes) emotional decisions you will ever undertake.

There are many factors which influence your decision to purchase a particular property, as opposed to all the others you may have inspected, and it doesn't necessarily come down to just price, and nor should it!

You may want to consider asking the selling agent the following questions when you develop interest in a particular property.

1. How long has the property been on the market?

This question gives you a real indication of whether the vendor is motivated to sell. Usually, the longer a property has been on the market, the keener the vendors get. If the property has been on the market for a reasonably long time (in excess of eight weeks), many vendors may be considering a price reduction to meet the market. The agent should be able to give you an indication of this.

2. Will the seller negotiate on price?

The answer to this is most probably linked to the above question, and many sellers may "soften" on their approach to this as time goes on. You don't know if you don't ask...

3. Why are they selling?

The answer to this may give you a sense of how keen they are to sell, and what sort of timeframe they may be looking at. For example, if the seller is relocating for work purposes to another state or city, their sense of urgency may be heightened. However, if they have no real pressing need to relocate and haven't found another property themselves yet, they may be tougher to negotiate price with.

4. Have they had any offers yet?

Try and establish if any offers have previously been submitted, and if so, how much. This is helpful knowledge for you in the negotiating process.

5. What is their bottom line?

It is very important prior to submitting an offer to get an indication from the agent of what the seller's bottom line is. The agent may not know the exact amount, but they are likely to be able to give you a ball-park figure. However, any reasonable offer you are prepared to make is worth submitting; and the first offer is often a great negotiation starting point. Don't be scared to make an offer and communicate with the agent about any concerns.

If you fall in love with a property and "must" have it, ultimately you'll need to pay the price that the owner is willing to accept - but that doesn't mean you can't negotiate in the meantime. Good luck!