How to Make an Offer on a Property?
Mortgage Advice in Birmingham
How to make an offer on a property?
Once you have found your ideal property, the next step is to make an offer. Firstly, this is done on the telephone then once accepted usually, you’ll have to confirm this by email.
The estate agent is then obliged (by law) to pass your information and offer to the current owner for their consideration.
When you are ready to make an offer on a property you want to buy it is important that you put your circumstances across clearly to the current owner or estate agent.
Things to remember:
- Be ready with your mortgage in principle
- Not being in a chain will help
- If the current sellers are in a hurry, you need to be ready to move fast
- If the property has just come on the market, you’ll have to be prepared to pay close to/or the asking price
- It’s all about negotiation!
You will never beat a cash buyer but if you have a Mortgage Agreement in Principle in place you will definitely be in a better position than other potential buyers (your competitors!) who haven’t taken that step with their Mortgage Broker.
Buying a property is a negotiation process. If your initial offer is rejected then you will be asked whether you want to increase. So don’t be afraid to offer less in the first instance than you really are happy to pay.
If your increased offer is also rejected sometimes it just boils down to whether you are willing to pay the asking price, (especially if the property in question has just been placed on the market) or whether you are prepared to walk away and find somewhere else.
Please feel free to give us a call if you require any help with this or have any further questions, as always, we’ll be happy to help.
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