For many buyers but particularly first time buyers, making an offer on a property can be the most daunting prospect of the whole house buying process but it needn’t be. You have already gone through the whole process of thinking about what kind of property you want, looking at a number of different properties and obtaining financial advice. Therefore, whilst it may seem like the most daunting aspect, if you have done your research, you have all the information needed to make an informed decision.
Here are a few tips to help you when you have decided to make an offer on a property.
How to make an offer
Making an offer on a property is a formal process and so we will ask you some simple questions to help us determine your position as a buyer. If you have never been through the house buying experience before, you may be unsure as to how you can actually make that offer. You can easily come into one of our offices and put your offer forward to a member of staff and they will talk you through that process. Alternatively it can be quicker and easier for you to ring us with your offer. Our telephone lines are open outside our branch opening hours and so if you wish to make an offer at 8.30pm or on a Sunday we are available to take your offer.
Information we will ask you
When you make an offer on a property we will ask you for details you may well have given before however this is a legal requirement and we must check all your details to give the vendor full information.
Obviously we must have the amount you wish to offer. We will also ask what position you are in. So, for example, this could be that you’re a first time buyer, have a property to sell which is sold or a property to sell which is unsold. This is so we can determine what the chain involved in the house purchase will be.
Can we have your proof of funding please?
Many buyers often feel a little offended when we ask this but we simply need to find out how you intend to purchasemake sure you have the funds available to purchase a property and this is applicable wether this is a cash purchase or requires mortgage funds.
Putting yourself in a favourable position
The time of putting your offer in is also the time to sell yourself as to why the vendor should accept your offer. If it is a lower offer than you think the vendor may be prepared to accept then explain why. It may be because you feel the property needs work to meet your requirements or that you are looking for a quick completion date. When you put forward your offer speak to the negotiator about the reasons behind your offer.
It is also in your best interests to put forward as much information as possible. If your mortgage is in place and, even better, if you have your Agreement in Principle from your financial advisor, let us know this when you provide us with your offer. This will also show the vendor that you are serious in making the offer. All this information will go towards helping you secure that property.
It goes without saying that if, at any point, you have any questions we are more than happy to help. We fully understand that the whole process of house buying is probably new to you and so if you have a query ask us – no matter how obvious you think it is!
