The local property market is booming and competition is fierce. Therefore, you need to be prepared for a fight to win the house you really want! As soon as we list a new property the phones are ringing and the emails are buzzing with people requesting viewings. This means we are taking 20 – 30 viewings and 10 – 15 offers on each property. We wanted to share with you some tips on how you can make your offer more appealing to the vendor and avoid missing out on your dream property.
Sort your Finances and Prove It!
When taking offers, the first thing an agent will check is whether you have your finances in place.
Don’t start booking viewings on popular houses in a sought-after location until you are able to finance a purchase and can demonstrate that. If you have a house to sell it should be under offer or sold. When accepting an offer on your own home consider the chain involved on your buyers end, this is something the agent selling to you will consider and advise their vendor of.
If you will be taking a mortgage to fund your purchase this needs to be arranged in advance, the agent selling will expect to see an AIP (Approval in Principle), this is the document provided by your bank to confirm they are willing to lend you enough to buy this property. The AIP will need to cover the sum you offer, any additional cash funds will need to be demonstrated by showing the agent a bank statement or having your financial advisor send proof of funds to them.
Do your Homework
Before placing an offer, do some research. Look at sold figures in this area, talk to other agents and try to find out what level of interest this house is likely to receive. Make an offer you are comfortable with, it is easy to get carried away when there are multiple offers. Your offer is your purchase price, most agents will not entertain re-negotiation on a house which received multiple offers, therefore what you offer is what you will pay. Don’t waste everyone’s time by making an offer you have no intention of following through on, you will just cause the vendor to go back to market and have a whole chain of families delayed, this is not fair on anyone. Consider any work which may be required of might be highlighted at survey prior to offering, if you have concerns raise them at the viewing or at the time of making the offer.
Position is Key
Cash buyers and first-time buyers with no chain are more attractive to vendors who want to get a sale wrapped up and move as soon as possible. If you’re in an attractive position like one of these two – make it clear as possible to the agent or seller – you have a better chance of being picked out of the other potential buyers! If you are in a chain you may find it hard to secure a sought-after property. If you find your offers are being rejected consider getting your house sold before offering, this might sound awkward but it will put you in a much stronger position.
To prove that you’re a serious contender and not a time waster – you must act quickly. Be available, be proactive and be ready to move swiftly. The agent does not want to deal with a buyer who is hard to reach and show to react. As soon as the house comes on Rightmove; call to book a viewing; make yourself available for the viewing date; arrive on time; if you like the house make an offer swiftly. Show the agent you are organised and going to push this forward. If your offer is accepted ask the agent to remove the house from the market, the last thing you want is to be gazumped, some agents will expect commitment before removing the house from the market, be ready to book in a survey, instruct a solicitor and pay for your searches promptly.