When you want to make an offer on a property you may be in competition with other potential first time buyers. As such, it’s vital to make clear that you are in a great position to proceed. You want to give yourself the best possible chance of having your offer accepted.
If you need a mortgage, you will never beat a cash buyer I’m afraid! Even if their offer is slightly less the seller is going to give a cash buyer priority. They will be able to complete quicker and less can go wrong.
Luckily, there are not many cash buyers these days! The best you can do to prove you are able to complete quickly is to send the Estate Agent a copy of your Mortgage Agreement in Principle.
You will definitely be in a better position than other potential first time buyers who haven’t yet got this document. We can turn around an Agreement in principle very quickly. If yours is a straightforward case then we can offer a “same day service”.
Buying a house is a negotiation process. If your first offer is accepted there is a fair chance you offered too much! More often than not, your initial offer will be rejected.
You will then be asked by the Estate Agent whether you want to increase. Don’t be afraid to offer less in the first instance than you really are happy to pay.
If your second offer is also rejected, sometimes it just boils down to whether you are willing to pay the asking price or not. This happens most often if the property in question is new to the market.
Sometimes you just have to be prepared to walk away and find somewhere else.
You can see “Sold” prices on Zoopla and Rightmove so that you know whether the asking price looks right or not. The data on these websites is pulled from the Land Registry so you should be able to rely on it.
If you see that one house on the street went for much less than the others don’t worry, there will be a reason for this. Houses sometimes sell for less than what they are worth if they have been repossessed, were sold to a tenant at a discounted price by the Landlord or if it was an inter-family sale.
If you are looking for first time buyer mortgage advice then you are in luck. We will advise you on your offering strategy as part of our service. It’s nerve-wracking but also a very exciting part of the process!