Be Prepared

You want both the estate agents and the seller to know you’re a serious buyer, so it’s a good idea to start your mortgage application before you look at properties. If you make an offer and don't have a mortgage in principle, the chances of the offer being accepted are significantly lower than if you already have everything you need in place.

Most estate agents will ask you during the viewings if you have everything ready. By having your mortgage in principle, you will look like you're ready to go ahead with the sale.

Sell Yourself

If you’re a first-time buyer, not part of a chain or are a cash buyer, you’re going to have an advantage over other buyers that are likely to make the process longer with forward chains or potential mortgage issues.

Make your situation well known at the start of the offer process, as this may make you a more desirable buyer.

Do Your Research

Find out how much similar properties have sold for based on size, area and particular features, then try to base your offer around this. It is a good idea to make notes during your house viewing, so that you can highlight any defects or potential issues that would affect the price, and mention these when explaining your offer.

You should also ask the estate agent if the seller has received other offers on the property, how much the offers were and why they were declined.

Keep an eye on the property market in general, not just in the area you’re looking at. Note particularly how quickly similar properties are selling. If they are moving very slowly, and going below the asking price, then you are in a stronger position to put in a lower offer.

Leave Room for Negotiations

Sellers will usually put their houses on the market for between 5% and 10% above the property’s actual value, knowing that buyers are unlikely to ‘go in’ at the full asking price of a property.

Start with a low offer as you can always increase it if it’s not immediately accepted, but you can’t decrease your offer if you go in too high and potentially lose out on a better deal.

What to do when the offer has been accepted

• Tell the estate agent. By law estate agents have to pass on every offer they receive to the seller, so your first port of call should always be the estate agent!
• Put the offer in writing (a telephone call followed up by an email will be fine) in order to reduce scope for confusion or argument later.
• Be prepared for negotiations. If the seller is interested in your offer then negotiations are conducted via the estate agent.
• Protect your purchase. If your offer is accepted, ask for the property to be taken off the market. Agree with the agent a written list of which fixtures and fittings will be included. Having it in writing at the start of the process reduces the chances of disagreements and delays later in the process. Consider Home Buyers Protection Insurance. Until you exchange contracts, either party can pull out.

For more information on how to make an offer on a house, contact our expert team here!