If you are a first-time buyer in Derby who is looking at properties, you may see a certain one that catches your eye and will make you want to put forward an offer. Placing a proposal is a factor in the mortgage process which is just as important as any other step in the mortgage process and needs to get approached carefully.
Whilst you’re looking at properties and wanting to make an offer, you need to remember that other applicants will be searching the market simultaneously, which makes it so as you need to put yourself ahead of the game. It would help if you made it to give yourself the best chances of getting your offer accepted.
If you do have your eye on a property and you have everything organised – you’ll never beat a cash buyer even if their offer is slightly less than the one you proposed as they there will be fewer complications involved with their process. But luckily, there are not many apparent cash buyers in contemporary settings.
The best thing that will help increase your chances is to prove you’re able to be organised. The first step is to send your mortgage agreement in principle to your estate agent. If other applicants haven’t already sent theirs off, then it will make it so as you are further along in the process. If your case is straightforward, we may offer ‘same day service’ for this documentation.
As is always the case, buying a house is a negotiation process. If the first offer in which you make is accepted, then chances are you offered too much. More often than not, if your first offer gets rejected. There is no need to worry because you will get asked whether you want to increase your initial request after this. Meaning you can offer less in the first instance – so don’t be afraid.
If your second offer goes on to get rejected, sometimes it just means you will get left with the sole option of paying the original asking price, which happens mostly if the property is relatively new to the market. In some cases, you have to walk away and find somewhere else.
Some property websites such as Zoopla and Rightmove let you see the sold prices to inform you or whether the asking price looks similar to those around it. The data shown on these kinds of websites is obtained from the land registry so you can rest assured it is valid. However, some houses do sell lower than others surrounding them, but there will be reasons for this.
If they are getting sold lower than you expected, some houses can sometimes be down to such reasons as being repossessed, sold to a sitting tenant at a discounted price or it was an inter-family sale.
If you’re stuck on making an offer, we are happy to advise you on how to go about this as part of our service, so please feel free to get in touch.