What are estate agents looking for when you make an offer? Top tips so your offer is accepted!
You've done the viewing and fallen in love with the property. You've weighed up all of the pros and cons, and after sleeping on it, finally decided to put in an offer. So, you mentally run through the phone call to the agents and how you think it'll go. And then, nervously, you make the call.
But, it doesn't go quite as you'd planned.
The agent asks you loads of questions.Questions you don't really have the answers to. When you say the amount you'd like to offer, there's radio silence on the end of the line.
This wasn't quite the experience that you were expecting.You were expecting some kind of celebration. Maybe a fanfare, even. But instead, tumbleweeds.
It's all a bit of an anti-climax, to say the least. If the estate agent wants to sell the property, why are they not more excited that you've made an offer?
Firstly, it's not that they're not excited about selling the property. They are. But, they have to present your offer to the sellers. And, to present the offer correctly, they need to have all of the information.
Put yourself in the sellers' shoes for a moment. Imagine you receive an offer from your estate agent. Before you feel excited, you need to know as much about it as possible, don't you?
You'd want to know who the offeror is. How will they be paying for the property? And most importantly, when would they be looking to move in, because that is when you would be expected to move out! So, how can you make the most of the offering experience to ensure that your offers are taken seriously and, more importantly, get accepted!
And if you've made a low offer, even if you are happy to increase it, you could come off as a time-waster if you haven't thought about a few key things.
Be prepared. Having all of your ducks in a row before making offers will show the agents that you're serious about buying a property. You'll need to provide evidence of your financial position, usually with bank statements and a mortgage agreement in principle. Have your ID ready to show and a solicitor in place. This will show that you are serious and not playing around. You might not feel comfortable showing your bank statements, but this is the simplest way to prove that you have the money available to purchase. If you'd prefer not to show your bank statements, you can request formal written confirmation from your bank manager, financial advisor, solicitor, or accountant, to prove that you have the funds available.
Be committed. Don't dilly dally around. If you're serious about your offer, show that you're serious. Respond to the calls and emails promptly. Of course, we all know that this is a game of poker, and you don't want to give away your interest too soon, but that doesn't mean that you need to be flakey or evasive. If you're difficult to get hold of and are indecisive, the offer will begin to look less attractive.
Be fair. Calculate your offer based on market conditions, your own circumstances and your perception of the property's value. Of course, everyone wants a bargain, but if you make an offer so low that you cause offence to the seller, there's less chance you'll get a deal tied up in the end. Remember, your opinion of the property's interior does not reflect the current value.
Be sure. If the seller is going to enter into a negotiation with you, you need to be 100% sure that it's the right property for you. If you call the agents and offer on two or three properties at once, they'll not be able to accurately put your offer forward to the sellers. Imagine the sellers ask the agent if they think your offer is serious or a 'good' offer. How can they say yes when you're also offering on other properties simultaneously?
Be realistic. No offer will be accepted if it is £50k below the asking price when there are 5 other offers on the table. Be realistic about the interest in the property and where you should position your offer. If you know that there's lots of interest, you'll only be wasting everyone's time by offering this low. Of course, there's a place for negotiation, and you can always offer slightly lower than your perceived 'top price' to try and knock a little off. But if you were selling your property and had loads of interest, you'd probably not accept a low offer from someone either, would you?
Buying a home is a huge milestone in anyone's life. But often, the road to purchasing a home can be a rollercoaster of emotions and sometimes fraught with stress.
If you decide that a home is perfect for you, follow these tips to ensure that your offer is accepted and you're over the first potentially stressful hurdle.
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