Here are some tips on how to make a successful offer when buying a house.
Make sure you have all the information before making an offer. You should tell the estate agent the price you are willing to pay, but a little less than what you can afford. The agents will show you the properties that are at the upper end of your budget, so it is important to set yourself up for a successful negotiation.
When they find a home that they love, many people become overly emotional and excited. Try not to show this excitement when looking at the house, otherwise, the seller may think you will be willing to spend more. Ask lots of questions and try to be cool. For advice from Estate Agents Cheltenham, visit www.meandyouestateagents.co.uk/
Watch the market closely in the area where you’re interested in buying. How quickly and for how much do homes sell? You can make a lower bid if they are selling slowly and at a price below the asking price.
Offers to put in
By law, your agent must forward any offer received to the seller. You should also put your offer in writing, even if it’s just an email after a telephone call. The estate agent can start the negotiations if the seller is interested. You may feel that no one is acting in your best interest because the agent represents the seller. Buyers will often hire a buyer agent to assist in the negotiation.
Agents can help you when:
The property has been on the market for a long time
When the seller is in a hurry to sell
You are the sole person who has shown interest in a particular property
The seller will appreciate your suggested completion date
You can move quickly if you have the funds to do so.
With bidding tactics
Open or sealed bidding can be used. Open negotiations are more common.
Start low with open negotiations. Consider offering 10% less than the price listed.
If another bidder has outbid you, you’ll be notified. You can then bid again within your budget. Keep your cool, be polite and show interest but don’t appear desperate.
Sealed bids require writing down your offer, sealing it in an envelope that the buyer chooses. In high-demand areas, like London, this is more common. You should only bid what you can afford. If you overbid, your mortgage provider may not cover the cost.