How To Approach Making An Offer
Things to consider.
The most important factor to take into consideration when looking towards making an offer on a property is that for one house, most likely there are multiple potential buyers. This means that it is important to get your portfolio organised in good time. This helps to speed the process up and get you a higher chance of getting the offer accepted.
Another important factor is that you could be doing everything right in the process, but if a cash buyer comes forward, chances are they will be prioritised. The reason for this is that cash buyers are easier and faster to process. Luckily, there are not many cash buyers present these days.
To get yourself ahead, it is advisable to send over a copy of your Mortgage Agreement in Principle to your Estate Agent. By doing this, you are able surpass the potential buyers who are not at this stage yet. We are able to establish an Agreement in Principle for you. We are also able to offer “same day service”, proving your case is straightforward.
What’re the best ways to go about offers?
Negotiating is the key to obtaining a mortgage. Chance would find that your initial offer will be rejected – this is expected. From here, your Estate agent to providing you with the further option to increase your offer. It is recommended to keep within your boundaries and settle for the amount to which best suits your affordability.
If your second offer is also not accepted, it could be down to the willingness of paying the asking price. If the asking price is too high due to the property being new to the market, sometimes the best option is to be willing to find another property.
“Sold” prices which appear on Property websites such as Zoopla and Rightmove can be provide a high amount of insight into what the right estimate is for a reasonable asking price – depending on the area. A lot of this data is acquired from the Land Registry, meaning it can be seen as reliable.
Certain properties from time to time may stand out because they appear to have a much lower price compared to houses that surround them, there will be a reason behind this. The most common reasons include:
- The house has been repossessed.
- The landlord has sold it for a discounted price.
- It was sold between family members.
In our service, we will guide you with your offering strategy. It may seem nerve-wracking but it is also a very exciting part of the process.