How to make an offer on a property?

As a First Time Buyer in York, it’s key to be aware when making an offer that there are other potential buyers that you are almost competing with. This is why you need to work hard in making yourself look favourable in a financial light by showing that you are in a serious position to proceed. This in turn will be beneficial when it comes to getting an offer accepted.

Regardless of the lengths you go to, in the case that a cash buyer makes an offer, they will be a high priority. This is due to the fact that there aren’t many things that could go wrong in these circumstances which can make the completion process quicker. The good news is that cash buyers are quite rare to come across.

As a Mortgage Broker in York, we do recommend that you send over a copy of your Mortgage Agreement in Principle to the Estate Agent. Furthermore, this will be an additional benefit for you when negotiating against other potential buyers if they haven’t got this document to hand. Our team can get an Agreement in Principle sorted for you very quickly. In the case where your case seems simple, then there is a possibility that you will be offered this on the same day.

What’re the best ways to go about offers?

Negotiating plays a big part in getting a mortgage. One thing to keep in mind is that it’s common for your initial offer to be rejected so don’t panic if it does. In this circumstance, your Estate Agent may give you the option to increase the bid. Remember to be sensible and go for the amount which seems the most reasonable price that you can afford.

You may find that your second offer is also not accepted. This could be due to willingness towards the payments of the asking price. With this in mind, if the property is new to the market and the asking price seems too high, it’s best to be prepared to find another property.

If you are struggling to provide a good estimate along with the correct asking prices depending on the area, check out “sold” prices on property websites like Zoopla and Rightmove. The majority of this data is collated from the Land Registry, meaning it should be reliable.

Certain properties may stand out in terms of the price and may seem much lower in price in comparison to other houses around them. There will be a reason for this. The most common causes include:

  • The house has been repossessed.
  • The landlord has sold it for a discounted price.
  • It was sold between family members.

Here at Yorkmoneyman, we will provide a helping hand through the offering strategy. It may seem like a daunting process, but it is also an interesting part of the process.

How to make an offer on a property?

Making a suitable offer is an essential part of getting the property you like. There are some key factors you need to keep in mind when it comes to making an offer on any property that you are looking to purchase. Sellers’ dream buyers aren’t always the ones that provide a reasonable asking price and stand out from the other buyers. There are some additional things the seller considers when selecting the right buyer.

Make An Offer On a Property | Submitting an offer:

Even though you can get a verbal offer either in person or on the phone, the majority of the agents now ask for you to send your request via email as a record for both parties. After this, the offer will then be taken to the seller who chooses to accept or reject your bid. An agent is responsible for passing any offers they receive to the seller for their consideration.

How to Stand Out:

The all-set buyer

Representing yourself as a serious, organised buyer who can show proof that they can afford the property with a ‘mortgage agreement in principle’. It’s also best you have a solicitor in place. From this, you can advance their details when the offer on the property is accepted.

Chain-Free Buyers

It’s likely that many sellers prefer buyers who don’t have any baggage of previous mortgages such as First Time Buyer in York or buyers with pre-organised mortgages.

Swift and Easy Processing

For those that are chain free and are organised house buyers, your transactions and agreements will process quicker.

Tip: In the circumstance where a seller is wanting to sell soon as or has been trying to sell the property for some time, they might accept a lower offer than the asking price as well. In particular, if you purchase will through quickly.

Property Value

Sometimes, sellers are not constricted by time or other factors which is why they will for the buyer who can offer a higher price to maximise the value of the property.

Confidence

Whatever price you are offering for the property, do it with assertiveness and confidence. Many negotiations do involve several rounds of offers and counter-offers.

Things to Remember When Making an Offer:

You could be attracted to a particular property, however, it’s best that you have some budget in mind. By doing this, you will be helping yourself when deciding the maximum you can offer for a property as well as concluding whether the investment is worth it for you in the long term. Your agent will need to be transparent to make you aware of the amount of interest in a property in order to help you make a decision.

Once the offer is made:

Make sure that it is clear to all parties that the offer is:

  • Subject to Contract (STC) – the final sale gets made when lawyers have exchanged and signed contracts.
  • Subject to Survey – allows any cost for faults and issues to be taken into account.

Once the Offer is Accepted:

Also, it’s good to check with the agent that the property has been taken off the market in order to prevent the risk of you being gazumped.

Date Last Edited: December 19, 2023