Top tips for making a successful offer
CONGRATULATIONS – you’ve found the ideal property and a new place to call home! The next step is to make an offer that’s accepted. The price looks right to you and you know the market is competitive so you want to secure your dream home as swiftly as possible.
Jacob Cross, sales manager at Romans Uxbridge, shares his four top tips for making a successful offer on a house: This step should really be taken before you start your home hunt.
Arrange an appointment with an experienced mortgage adviser to discover exactly what you can afford. Bear in mind that most properties sell for their asking price, or close enough to it, so as soon as you know what you can afford you can focus your search on the right properties.
Getting a mortgage pre-approval is one of many steps that will show home sellers and estate agents that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
A pre-approval is valuable because it means the lender has actually checked your credit history and credit score in order to approve a specific loan amount.
The pre-approval will tell you what you can afford and can help you move faster, and with greater confidence, in competitive markets. Buyer activity is starting to return to pre-Brexit levels and in September, Rightmove reported an 8% increase in buyer activity compared to this time last year. So, with competition increasing you need to make sure that as soon as you decide you want to make an offer you work with your estate agent to present it as soon as possible; any delay for a desirable property is likely to result in disappointment. Whether it is the first house or the 10th house you see, if it meets the majority of your criteria then make an offer.Your estate agent will have extensive knowledge of the local property market and their expertise will help you make a strong offer.
This is based upon recent sales of similar properties in the area, the condition of the house, what you can afford, and the seller’s situation. The most likely things to be negotiated are the selling price and the moving date. It’s likely that you will receive at least one counter offer from the sellers so be prepared for this.Your agent will play a key role in the negotiation stage and provide guidance on the counter offer and ensure all of the contract terms are met.
If negotiations have stalled and you are questioning whether to offer more, then ask yourself ‘if I learn that the house sells for a price I would have been prepared to pay, will I regret it?’
Once your offer is approved Jacob urges you to invest in a property survey so you know the true condition of what you’re buying.
Depending on what the survey reveals you may even be able to renegotiate on the selling price.
If you’re thinking of moving soon and you’d like more advice on a smooth property purchase please talk to the team of experienced agents at Romans Uxbridge on 01895 812 222.