Making an offer on a property

Making an offer on a property in Nottingham

Making an offer on a property in Nottingham

 So you have been looking for a new home, then you find the property of your dreams, so you are now looking at ‘making an offer on a property’ …. What next? The next step is to make an offer.

When making an offer on a property you can make this to the estate agent. You can do this verbally in person or by phone, or in writing, which these days is usually by email.

If you make your offer verbally, you could be asked to confirm this in writing, most people do this via email. Once received the estate agent will inform the vendor of the offer.

Often it’s simply a question of the offer price. But sometimes there can be other factors that influence their decision.

Prepare yourself for the negotiation ahead. Get ahead:

Know your limit, and what you can afford. If you are able to afford it, be ready to increase your offer, the vendor may simply want the asking price and hold out for the right price but start low and be clear that the offer is what you are prepared to pay for the property, (don’t ‘show your hand’ too early).

Know how much you can afford in advance. Look to have a mortgage agreement in principle then you will be able to demonstrate that you are a reliable and ready and able to buy. Also, choose your solicitor in advance so you can give the agent their details when making you offer.

If you are ‘First-time buyers’, with no chain, make them aware. This and having your mortgage agreement in principle will make your offer look more attractive.

If you are ‘Chain Free’ you are likely to be able to complete the purchase quickly. Are the vendors are in a hurry to sell? (Has the house been on the market for some time?). They may accept a lower offer to make the sale. Chances are your initial offer will not be accepted, there could be some degree of negotiations and counter offers. The agent is required to be transparent with you and will let you know if there are other people that are interested.

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Making an offer on a property in Nottingham





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