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Tips for making an offer

Get yourself in the best position possible:

Due to the competitiveness of the property market, it is vital that you make sure you are in the best possible position whilst looking for your next potential home. If you have a property to sell then you are unlikely to be seriously considered by vendors until you have a buyer in place yourself. As long as you are up front with them, buyers are usually patient in waiting for you to find. It is also important to get your finances sorted so that you know exactly how much you are able to spend. Speaking to a financial advisor is definitely worthwhile as they will have access to the whole market and be able to advise on how much you are able to borrow as well as the best rates available. We can recommend a local company who would be more than happy to  help you.

When deciding how much to offer…

take into account that we are in a rising market. We are generally seeing properties sell for between 5%-10% above asking price. If the property is perfect for you, we would advise offering the highest level you can, so that you know you have done absolutely everything in your power to secure it. The worst thing would be to see the property sold to someone else when you know you could have paid more. If a property has been on for a little while and has not had many viewings, this could be your chance to put in a lower offer. The worst the seller can say is no and it may be that they will take a reduced figure in order to get a sale agreed. Bear in mind that the vendor could have an emotional attachment to the property, so going too low may offend them.

Find out when the vendor is looking to move:

If you have specific timescales in mind, it is best to make sure these also tie in with the seller’s plans. In most cases they will be accommodating, but it is best to manage expectations early to avoid pressure later on in the sale. It is also good to know where the vendor is moving to and if it has a complete chain.

Finally, it is beneficial to build a relationship with the local agents so that they can help you when deciding how much to put forward. For more free honest advice, please do not hesitate to give us a call on 01923 776400.

Laurence Burch Property Consultant

Laurence Burch
Property Consultant

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