As a First Time Buyer in Derby that has started house hunting, you may have found a property that has drawn you to make an offer. Creating a proposal is a key factor in the mortgage process and is just as important as part of the homebuying journey so needs to be approached with care.
When you’re looking at properties and are looking to make an offer, you need to keep in mind that other applicants will be scouring the market as well. This means you need to put yourself in a better position than them to have a better chance of getting your offer accepted.
Cash buyers can be a challenge to compete against regardless of whether you have everything organised. They might even offer less than the one you proposed, however, sellers will see this as an easy buyer as they will usually have barely any complication with the process. The good news is that there is only a small number of cash buyers in the market today.
One way to increase your chances of getting an offer accepted is to be very organised. To start, you need to send your mortgage agreement in principle to your estate agent. This will put you a step ahead of many other applicants who may not have sent theirs off. Here at Derbymoneyman, we offer ‘same day service’ for this documentation if your case is straightforward.
Negotiating comes with buying a home. We do find that people who got an offer accepted the first time have more than likely offered too much. In the case where your first offer gets rejected, there is no need to worry as you will get asked whether you want to increase your initial request after this.
Your second offer may get rejected too which sometimes means that you will left with the only option of paying the original asking price, which is the case if the property is quite new to the market. Sometimes, it can mean that you have to walk away and find somewhere else.
Scanning through Zoopla and Rightmove can be helpful as you may find out the sold prices of properties similar to the one you are looking to make an offer on in that area. These types of websites collect their data from the land registry which is perfect to find an accurate asking price. Keep in mind, however, that some houses do sell lower than the neighbouring properties around them, but there will be a reason behind 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.
Houses that are sold at a lower price may be due to the fact that it has been repossessed, sold to a sitting tenant at a discounted price or it was an inter-family sale.
As an experienced Mortgage Broker in Derby, we can advise you on how your approach this part of the home buying process. We are available 7 days a week and are more than happy to help!
Date Last Edited: December 6, 2023