Offers
Making an Offer
When you decide to buy a particular property, you do not have to necessarily pay the price being asked for by the owners.
You can offer less if, for example, you think there are repairs to be done which may cost money.
If you wish to make an offer on a property you should contact online estate agents turtlehomes.co.uk to tell us how much you are prepared to pay for the property. We will then put this offer forward to the owners. This offer will be confirmed to both parties in writing.
The offer you make will be based on various factors such as:-
- YOUR POSITION - first time buyers, buyers with no chain and buyers who have pre-arranged mortgages have a head start on most of the competition. Make Turtle Homes aware of this as this can put you in a very favourable negotiating position especially if the seller is in a chain.
- YOUR BUDGET - decide your maximum limit from the start and stand firm. If the seller refuses to budge, you need to think very carefully if the property really is worth the extra money.
- SELLER’S POSITION - are they in a hurry to sell or have they been trying for a long time? If so, they may be willing to accept a lower offer to make the sale. Sellers who are not in a hurry to move are more likely to hold out for a higher price.
- THE PROPERTY - what is the property worth? Whilst sold house prices can give you an idea of recent sales, its better to see what the competition is like now. If there are few similar properties for sale in the area, chances are the seller has an upper hand. Also, if there are any faults or repair work required, use this to justify a lower offer.
- THE MARKET - in tougher times when there are fewer buyers, sellers may be more willing to negotiate on price.
If the owners do not accept the first offer put forward to them, you can decide to make an increased offer. There is no limit on the number of times you can make offers on a property. If you make a written offer it will always be made subject to contract. This means that you will not be committed to the purchase before finding out more about the state of the property. If you make an oral offer this is never legally binding.
Offer accepted, What Next?
Once the seller has accepted your offer, ask them to take it off the property market. They don’t have to agree to this but doing so will shut out other potential buyers.
Now you need to move fast - the seller will want to see progress so try to avoid any unnecessary delays in getting the surveys and other legal work done.
Arranging the Mortgage
If you have not already begun to arrange a mortgage, you should start to do this now. Feel free to contact Turtle Homes who can recommend a whole market broker to source the best possible mortgage deals for your circumstances.
Complete the lender’s application form and send them the documents they require - this will include proof of your ID, evidence of your earnings, proof of your address over the last few months and your bank statements, so have these ready. The lender will arrange for a valuation to be done on the property.
If you are lucky enough to not need a mortgage, you don’t have to get a survey done, though buying a property without one is inadvisable and risky.
If you are buying an older property, one that needs repairs or just for your own peace of mind you could consider getting a more detailed survey done than the basic lender’s valuation.
The lender will use the surveyor’s Valuation Report and other information you provided to calculate how much it will allow you to borrow by way of mortgage secured on the property.
