You’ve viewed the house and you love it or it ticks enough boxes to make it a good purchase. So now what?
First, have a cup of tea and think things over.
You’ve done all your sums, you know what you will need to spend to move and you know what you can borrow to move. What is a sensible offer to make?
It’s time to state your intention and make an offer which is where all the excitement begins!
There is no best way to make an offer but these are some thoughts about how to make a good one
You need to let the seller know that you are serious and able to proceed and there is no point in making an offer that you can’t keep to so you need to keep those in mind when you make your offer.
If the property is advertised at a guide price the seller is willing to accept offers around that price, perhaps below and perhaps above.
If the property is advertised as ‘offers over’ then the seller sees that as a starting point, not an end point.
If the property is advertised at a fixed price then the seller is not willing to accept anything other than the price it is listed for,
In reality, a property is only worth what a buyer is willing to pay for it and what a mortgage company agrees it is worth and as agents we try to get those figures as close together as we can so that no-one is disappointed.
As a rule of thumb, on properties around £200,000 making an offer close to the guide price is a good thing to do if you think it is the house you want and you think the valuation is fair. On higher value, larger, older houses where refurbishment work may be involved, lower offers may be considered.
in any case, your offer should be passed to the seller and confirmed to you in writing. The offer is not legally binding at this point. Read more here