Top tips: How to make a successful offer for a property

Thu 02 Mar 2017

Whether you’ve viewed one property or 20, finding the one that is perfect for you will come as a huge relief. All that remains is to ensure you make an offer that is accepted and helps you to secure the home in question.

Kevin Shaw, national sales director at property specialist Leaders, has offered four top tips that will help anybody to lodge a successful offer.

1) Calculate your budget

Ideally, you should have this figure confirmed before you start your property search. But if you don’t, speak to a mortgage expert and do the maths required to work out what you can afford. It’s worth remembering that most properties sell at or close to their asking price, so focus your search on homes in the relevant price category.

It’s a particularly good idea to get a mortgage pre-approval before making an offer, which will make you even more appealing to sellers and can speed up the moving process.

2) Don’t go low

While it may be tempting to see if you can bag a bargain by submitting an offer significantly below asking price, the market is strong and sellers are often under no pressure to accept the first offer. In addition, making a low offer risks alienating the seller, who could deem you to be a time waster.

If you’re unsure, ask your estate agent who will be able to advise you on conditions in the local market and help you to submit a strong offer.

3) Act quickly

There is no time to hang about. Buyer activity levels have returned to pre-Brexit levels, meaning there is plenty of competition for quality properties. What’s more, figures from the Office for National Statistics show house prices rose by 7.2 per cent in 2016, so any delay can be costly. Once you have found your perfect property, submit a good offer as quickly as possible.

4) Get ready to negotiate

Your initial offer may result in a counter offer from the seller. So be prepared to negotiate. It’s most likely the seller will seek amendments to the price and the moving date, so having a degree of flexibility in mind should help you to strike a deal. Your estate agent will provide guidance and support every step of the way.

For more information on buying or selling a property please contact your local Leaders branch.