Making an offer on a property - Mortgage advice from Sheffield Money Man

Buying a House ‘How To Make An Offer On a Property’

How To Make An Offer On a Property – Making a good offer is an integral part of getting the property you liked but there are certain things you need to consider when you are making an offer on any property that you wish to purchase. It is not enough just to be giving asking price to be a good buyer and stand out from other buyers but there are other things the seller considers while making the decision on choosing the buyer.

Make An Offer On a Property – Submitting an offer:

 

 

While you can get submit a verbal offer either in person or on phone, most of the agents now ask for you to send your offer via email these days, for records for both parties. This offer is then taken to the seller who chooses to accept or reject your offer. An agent is liable to pass any offer he received to the seller for their consideration.

How to Stand Out:

The all-set buyer

The seller will take you more seriously if you come across as a well-prepared buyer who can show evidence that they can afford the property with a ‘mortgage agreement in principle’. You should also have a solicitor in place so you can advance their details when the offer on the property is accepted.

Chain-Free Buyers

Any buyer without baggage of previous mortgages, new buyers or buyers with pre-organised mortgages will have a benefit of preference from the seller.

Swift and Easy Processing

Your transactions and agreements will process more swiftly if you are a chain free and organised house buyer.

Tip: If the seller is in hurry to sell or has been trying to sell the property for some time, they might accept a lower offer than the asking price as well, especially if your purchase will pass through quickly.

Property Value

Some sellers are not constricted by time or other factors and hence will wait for the buyers who can offer a higher price to maximise the value of the property.

Confidence

No matter what price you are offering for the property, do it with assertiveness and confidence. Most negotiations include several rounds of offers and counter-offers.

Things to Remember When Making an Offer:

While you might be attracted to a certain property, you should always have a budget ceiling in mind. This will help you decide the maximum you can offer for a property and if the investment is worth for you in long term. An agent is required to be transparent and will let you know if other parties are interested in the properties to help you make your case.

Once the Offer is made:

Ensure that it is clear to all parties that the offer is:

Subject to Contract (STC) – the final sale is made when lawyers have exchanged and signed contracts.

Subject to Survey – allows any cost for faults and issues to be taken in account.

Once the Offer is accepted:

Ensure that the agent has taken the property off the market otherwise, you risk a chance of being gazumped.

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