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Making an Offer on a House in 2020

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Stephen Kerrigan has some tips on how to make a good offer and getting on the property market.

As Doncaster and Sheffield’s mortgage advisor, Stephen Kerrigan has some tips on how to make a good offer and getting on the property market. However, there are certain things that you will need to consider when you’re making an offer on a house.

How do I make an offer?

It’s not enough just asking for the “asking price”, to be a good buyer and standout from the crowd from other buyers, there are things the seller considers while choosing the buyer.

You can submit a verbal offer either in person or on the phone, although, most estate agents would prefer you to send an offer via email for records for both parties. This offer is then taken to the seller who can choose to accept or reject the offer that you’ve given. An agent is liable to pass any offer he has received to the seller for their consideration.

The seller will take you more seriously if you come across as a well-prepared buyer who can show evidence that they can afford the property with a ‘mortgage in principle’. You should also have a solicitor in place so you can advance their details when the offer on the property is accepted.

Chain-Free

A buyer without any baggage of previous mortgages, either first-time buyers or not will benefit of the preference from the seller. Transactions and agreements that you’ve put forward will process more quickly if you’re in a chain-free move and organised house buyer.

Kerrigan’s tip: If the seller is in a hurry, they could accept a lower offer than the asking price, especially if your purchase will pass through quickly.

Some sellers are not constricted by time or other factors, hence that they are willing to wait for the right buyer who can offer a higher price to maximise the value of the property. No matter what price however, offer a price with assertiveness and confidence. Most negotiations include several rounds of offers and counter-offers.

Things to Remember

Let’s face it, you find a property on Rightmove – it’s perfect, from the area to the number of rooms that it includes. You should however, have a budget in mind, as this will help you decide on the maximum you can offer.

If the investment is worth for you in the long term, an agent is required to be transparent and will let you know if other parties are interested in the properties to help you make your case successful.

An offer is Made!

Once an offer has been made, ensure that it’s all clear from both parties accept and inform that:

Subject to contract (STC) – the final sale is made when the lawyers have exchanged and signed the contracts.

Subject to SURVEY – this allows any cost for faults and issues to be taken into account.

And then, once the offer has been accepted, ensure that the agent has taken the property off the market otherwise, you will run the risk of being bombarded by other buyers interested in the property.  

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