How to Make an Offer on a Property?
Often, as a First-Time Buyer in Birmingham, you may find yourself in competition with other potential buyers. With this in mind, it is always best to put yourself in the best possible position to have your offer accepted.
If you need a mortgage, you will never beat a cash buyer I’m afraid! Even if your cash offer is slightly less the seller is going to give you, a cash buyer, priority. This is because a cash buyer can rapidly speed up the process and is more likely to work within your favour.
Fortunately, you may not find many cash buyers whilst competing for properties. If you are looking to speed up the mortgage process, sending the Estate Agent a copy of your Mortgage Agreement in Principle is your safest option.
Taking this option allows you to get one step ahead of other potential buyers who have yet to get this document. An Agreement in Principle can be turned around very quickly with a “same day” service being offered if your case is straightforward.
There may be a lot of back and forth negotiation to buy a house. Be wary, your first offer, if accepted straight away, will most likely be too high! Because of this, we often find that our customers’ original offer will be turned down. It’s always a good idea to offer less than you’d be happy to pay, as Estate Agents have been known to push for an offer increase.
If the seller is sticking to their original asking price, you will have to decide whether you are willing to meet their asking price or not. If the property you are applying for is new to the market and you can’t negotiate a deal with the Estate Agent, then you may need to walk away and find somewhere else.
If you are unsure about whether the asking price is right or not, you can always check sold prices on Zoopla and Rightmove for help. These websites draw data from the Land Registry which means that they are providing you with reliable information. Sometimes, you may see a house on the same street with a much lower price than the one you are looking at purchasing. Don’t panic! There will be a reason that this house sold for less.
These can include;
- The property could have been repossessed
- It was sold to a tenant at a discounted price by the Landlord
- It was an inter-family sale
As part of our service, we offer expert advice regarding your offering strategy. We know that this process may be nerve-wracking, though it can also be exciting, and we are here to help you through it!