Are there any tips on making an offer?

So, you've found a property. You've viewed it at least twice at different times of day, you've looked at the outside of the house for the pointing of the brickwork and the condition of the woodwork. You've looked on the inside for damp and cracks in the walls and ceiling. You like the size of the kitchen, the garden is what you've always wanted, and the location of the property is perfect. Now is the time to make an offer.

In most cases, you'll have to make an offer through an estate agent. You can make any offer you want, below, the same as or above the asking price. If you want, you can make the offer conditional on the property being taken off the market if accepted (you need to speak to a solicitor to do this).

The estate agent will be working for the seller. The seller may have given some instructions to the estate agent not to accept offers below a certain amount. The estate agent will need to pass your offer onto the buyer in writing as promptly as possible. This is unless the offer is lower than the instructed minimum.

An estate agent is obliged to treat all their buyer fairly. Should the estate agent offer mortgage, conveyancing, insurance or survey services, they cannot make the take up of them conditional for passing on the buyer's offer. Although an estate agent may offer mortgage advice, which would be convenient for a buyer, it may not be the best value or the be the best product for you. It would be far too expensive a mistake to make to get the wrong mortgage just so you get your offer passed on.

When you've made an offer, even if you have offered the asking price, you should understand that you are unlikely to be the only person to have made an offer. Some people may offer over the asking price. The estate agent is not obliged to tell you about other offers which have been made. You need to work out just how much you want the house if told you need to offer more than the asking price. Use the results of the survey you have got to work out if its worth the price you are being asked for.

Remember, being able to move quickly could be just as valuable to the seller as offering the highest price. It's not always the highest offer that wins. Get your mortgage arranged and be ready to move quickly, and you never know.

Your accepted offer is not binding until contracts have been exchanged. The price and terms of the sales can be changed right up to that point.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

© AskFinancially.com 2009

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