So, you’ve finally found the property you want to buy. But, it’s slightly over budget, which means making an offer. How can you reduce the risk of your offer being refused? Here’s some tips to help you.
Before you make an offer speak to the Estate Agent and find out as much as you can about the seller. They should know whether the seller needs a quick sale or is happy to wait for the right price. Find out too how long the property has been on the market. Ask whether or not they are moving to another property and if so if they have one in mind. The answers will tell you how likely the sellers are to take a reasonable offer.
Don’t Go Too Low
If there’s no interest from other parties, then you can make a reasonable offer. Don’t make an offer that’s too low. It will be a waste of time and the seller’s may not take any subsequent offers you make seriously. Your Estate Agent will be able to give you an idea as to how much the seller will accept.
If the property is very popular and more than one offer has been received ask your Estate Agent if the amount you want to pay is close to other offers. They aren’t legally able to tell you the amount of other offers, but they can let you know if your offer is close.
Point Out Your Advantages
Make sure the Estate Agent lets the sellers know if you’re not in a chain, or you have a mortgage offer that’s been pre-approved. It might make the difference between you and another buyer if your offers are similar. If you have the mortgage pre-approval in writing let the sellers have a copy so they can see that you are as good as your word.
Get the Property Off the Market
When you agree to buy a property ask the sellers if they will take it off the market while the paperwork is going through. This will mean that nobody else can come along and offer more money. If they refuse this does leave you at risk of being ‘gazumped.’
Once your offer has been accepted try and make sure that the paperwork is dealt with as quickly as possible. Make sure you have all the necessary documents in place for your mortgage application so that there aren’t any unreasonable delays.