3 Key Steps to Getting Your Offer Accepted
Whilst it is normally the most important factor, price is not the only thing that a seller will look at when considering your offer. Following the points below will help make your offer stand out and be more likely to be accepted.
Your offer is likely to be viewed a lot more favourably if you can demonstrate that you are a strong buyer and in a position to proceed if your offer is accepted. If you will be buying with a mortgage then provide a copy of your mortgage agreement in principle whereas if you are a cash buyer than be ready to show an account statement showing that you have the necessary funds. In addition it is helpful if you also either have a solicitor in mind ready to use or are happy to accept a recommendation from the estate agent.
In conjunction the above two points will show that you are a serious buyer who is in a position to move ahead with the purchase should your offer be accepted. From the seller’s perspective this makes your offer more compelling as it demonstrates that you’re an organised and committed buyer which of course makes them more likely to want to agree a deal with you.
Timescale can be equally as important as price for many seller’s and dependent on their circumstances this doesn’t necessarily mean that they are looking for a quick completion. Before making your offer you should speak to the estate agent or even the seller’s themselves if they have shown you around their property to try and find out a little about their circumstances and what they are looking to achieve. It may be that they are looking to sell the property asap or perhaps they haven’t yet found the property that they want to buy and will need a buyer that is prepared to be patient with them.
Once you have established their situation then you can present your offer in a way that will make them more likely to accept it. If they are looking for a quick sale then don’t just say you are in a position to move quickly but show why this is the case. You might have a very efficient mortgage broker and solicitor or maybe you are a cash buyer or an experienced Investor. Equally if the seller is looking for a patient buyer then stress this as part of your offer and again back this up with some further information. You might be a first time buyer living with family or be in a position where you don’t need to sell your own home before buying so can afford to be flexible.
It goes without saying that you want to buy the property for as little as possible and the seller wants to sell it for as much as possible. If you genuinely like the property and do want to buy it then offer sensibly as putting forward too low an amount may cause some ill-feeling and even if later increased make the owner question how much you really want the property and how serious you are about it. What is a sensible amount will vary depending on factors such as how long it has been on the market, current conditions and the amount of other interest that there is in the property but offers significantly lower than the asking price are rarely likely to be entertained.
It is also useful to explain why you feel the property is worth the amount you are offering for it by possibly mentioning another similar property you have seen or quoting the sold prices of nearby properties. The estate agent will likely already be familiar with this but it does show that you are a serious buyer who has put some thought into the offer and when this is relayed to the seller they may find it hard to argue against your justification on the price.
CLICK HERE TO READ 4 TIPS TO MAKE ESTATE AGENTS SEE YOU AS A HOT BUYER.