Finding your dream home can only become a reality once you have made an offer that is acceptable to the vendor. Prospective buyers must remember that preparation, position and budget are all key factors in satisfying the seller’s hearts, minds and pockets.
Do your homework and take considerations:
Making an informed decision with regards to your relocation demonstrates commitment. Use online resources and local knowledge to become confident in the area, previous sales and the house buying process.
Understanding of the local living costs or catchment areas will ensure your own peace of mind and avoid costly realisations in terms of time, funds and relationships with the seller, agents and solicitors during the run-up to exchange.
Understand your position:
Are you a first-time buyer? Do you have savings to cover the investment of your next property? Do you need to sell your house to fund your move? Will you require a mortgage? Are you already, or willing to, rent whilst waiting to find ‘the one’?
Being clear about your position, and the circumstances attracting you to the property will allow the seller to weigh up your offer, and decide whether it is complementary to their own move.
Estate agents in Lincolnshire and the East Midlands have seen a huge increase in buyers relocating from the more affluent southern counties who wish to buy a house locally whereby they can continue with the standard of living but mortgage free. These cash buyers are again hugely attractive to local estate agents such as Mount & Minster and it is important you communicate any factor that you believe makes you stand-out so that the agents can prioritise you for their clients properties.
Organise your financial and legal situation:
Sidestep disappointment by organising your deposit and checking your eligibility for a mortgage before you start looking. Know your maximum budget, and what your sacrifice would be for offering higher than you anticipated. Being comfortable with your finances will enable you to make a confident offer.
Remember, the first thing the estate agent will require to confirm your offer is proof of funds or confirmation in writing of your Mortgage Agreement in Principle.
Research solicitors. Their testimonials must be considered alongside their fees – after all, they will be responsible in ensuring you literally get your feet through your door. Ask a local, independent estate agent such as Mount & Minster whether they can recommend any good solicitors and avoid any ‘in-house’ conveyancing services from estate agents looking to make a few more quid, they’re likely to be less competent as dedicated professionals.
Develop your relationships with all involved:
Opening a line of communication with the agents will help them understand your requirements, position and eventual offer. Being proactive shows the seller that you are a serious contender; tell them your story…
Don’t be afraid to ask questions regarding the property and the seller’s position. You should all feel reassured that everyone compliments each others unique position and circumstances.
Do not dawdle:
If you like the property as much as you did on paper, let the agent know your thoughts the following day. Arranging a second viewing could be recommended once you’ve indicated the kind of offer you’d be interested in making. This is not an opportunity for your great-aunt, builder and candlestick-maker to come along, but to prove you are serious in your prospective purchase.
Tailoring your offer:
The balance between making a frugal or realistic offer can affect your scope with future negotiation. “Something is only worth what someone is willing to pay for it”, but in order to reach a mutual sweet spot, expect negotiation around a reasonable figure.
Agents are obliged to present all offers to their client, but will only disclose the region of previous offers to prospective purchasers. This information can help you judge your starting bid.
Using round numbers runs the risk of making the same offer as another candidate – choosing an unusual figure can pique the interest of the seller, and make your offer stand out.
Starting with a lower bid, complemented by your fast-moving position, may be suitable for sellers who are looking for a quick sale. Don’t be tempted to place an offer so low that the seller will see fit to burn bridges with you. Remember that insulting the estate agent or their client with a low offer may make you less attractive as a buyer for the property of interest, or any other property for that matter.
A high number may be necessary to compensate for the risk of bringing a chain to the purchase, or to secure your bid on a popular property. Just make sure that you can afford it!
Keep your foot in the door!
Once the offer has been accepted, keep things moving. Provide documentation to the agents and solicitors promptly. Ensure that viewings are stopped and that the property is marketed as “Sold Subject to Contract”. Organise your survey. Keep in touch with the agent and solicitor – make sure that they are doing the same thing for the sellers.
Buying or selling a house can be a stressful and emotional experience. But it needn’t be! Mount & Minster, as a multi-award winning estate agent, recognise that it should be exciting and effortless.
Estate agents are trained to look after you and once your offer has been accepted, you’re just as important to them as their client, without you they don’t get paid! True, this doesn’t apply to budget ‘online only’ agents as a computer screen is unlikely to hold your hand, guide you through the process and prevent unnecessary issues that could easily be avoided with professional help from a real person, but for the sensible buyers who choose to buy a sensible and attractive home from a reasonable and well-advised vendor, it should all be plain sailing and you’ll be moving-in quickly and with ease. Welcome home!
Author: Ann Gwyther