How To Approach Making An Offer On A Property
Things to consider when making an offer on a property
The first thing to remember when making an offer on a property is to remember that there are other potential buyers which most First Time Buyers often overlook. Therefore, it is vital to get your portfolio looking as good as possible to get yourself ahead. This will give you an advantage to having your offer accepted.
Despite all your best efforts, if a cash buyer makes an offer, they will gain priority. The reason for this is because there are fewer variables that can go wrong and the process can be completed faster. Luckily, cash buyers are seeming to be not as apparent these days.
The most recommended pathway is to send over a copy of your Mortgage Agreement in Principle to the Estate Agent. This will get you ahead of the other potential buyers who are also in the running if they haven’t yet got theirs sorted. Our Mortgage Brokers in Derby can produce an Agreement in principle very quickly. If it appears that you have a straightforward case, then we are also able to offer a “same day service”.
What are the best ways to go about offers?
Getting a mortgage is about negotiating. It will most likely turn out that your initial offer will be rejected but rest assured, this is expected. If this happens, you will be given an option by your Estate Agent to increase the offer. It is best to be sensible and go for the amount which seems the most reasonable price to which you can afford.
If your second offer is also not accepted, the possible reason for this could be down to willingness towards the payment of the asking price. Therefore, if the property is new to the market and the asking price seems too high, sometimes the best option is to be prepared to find another property.
“Sold” prices on Property websites such as Zoopla and Rightmove can be a great insight to giving you a right estimate on correct asking prices depending on the area. A lot of this data is compiled from the Land Registry, meaning it should be reliable.
Certain properties may stand out because they may seem much lower in price compared to the other houses that surround them, there will be an underlying reason for this. The most common reasons include:
- The house has been repossessed.
- The landlord has sold it for a discounted price.
- It was sold between family members.
In our service, we will guide you with your offering strategy by offering our best Mortgage Advice in Derby. It may seem nerve-wracking but it is also a very exciting part of the process.
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