Making an offer on a property can be an exciting but daunting task but don’t worry, our mortgage advisors are available to guide you through every step of the process.
It’s natural to want to secure the house at the lowest possible price, but it’s also important to approach the negotiation process with tact. It’s unlikely that your initial offer will be accepted unless it’s very close to the asking price, so remember that you’re trying to find the seller’s “magic number” – the lowest price they’re willing to accept and our mortgage advisors can help you navigate the negotiation process and find a fair price that works for everyone.
If you plan to sell your property to fund your purchase, it’s best to sell it before making an offer.
However, there may be instances where you are not actively seeking a new home until a specific one becomes available. If this is the case, feel free to view the property and express your interest, but avoid negotiating the price at this point. Doing so would put you in a disadvantageous position.
Even if you manage to agree on a purchase price, the vendor’s estate agent would likely advise them to keep the property on the market, making the negotiation pointless.
When selling a home, emotions can often be intense. If you’re purchasing a home for your family and the seller has also raised their family in the same home, sharing your plans with them could create a connection.
It’s best to avoid pointing out the property’s shortcomings during negotiations, as it’s unlikely to help. For instance, if the property lacks double-glazed windows, the seller is likely already aware.
It’s perfectly fine to ask about the seller’s plans, as long as you’re respectful. For example, you might ask if they’ve already found a new home or what motivated their decision to move. Their responses could give you an idea of how open they are to a lower offer. It’s often easy to get people talking about themselves, and by listening carefully, you might be able to put yourself in a better negotiating position.
If you’re a first-time buyer with no chain, that can make you a more attractive buyer, especially if the seller is looking to move quickly.
Just remember, if your first offer is accepted, you may have bid too high. So always offer less than what you’re actually willing to pay.