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Offer on Property

Finding the right property can be difficult in itself, with lots of legal jargon, dealing with estate agents, viewing properties and much more. Once you have found the right property however, you then need to decide how much to offer, and the best way of going about it. Offering a high amount to secure your dream home could mean you are paying far too much, and you may be so blinded by wanting a specific property that you miss potential problems. There is also the option of putting in a lower offer, but even if this is accepted you could risk losing the property if another prospective buyer comes along and gazumps you, leaving you out of pocket and back to the drawing board. Following a few simple steps can help you put in the right offer and secure your dream property.

Before you have even chosen a property, don’t let the estate agent know exactly what you are willing to spend as they will often try and show you properties that are slightly above your guideline price. By telling them you can afford less, you will be in a much better position to negotiate afterwards.

Secondly when viewing properties, keep a poker face on when it comes to showing your feeling or opinions about the home you are viewing. If you start screaming with joy and jumping up and down, the estate agent or seller know straight away that you will potentially pay more to secure a home you’ve fallen in love with. So stay calm and composed until you are home, or you could hinder the negotiating process when it comes to putting in an offer and getting it accepted.

Keep an eye on the current property market, particularly final selling prices of similar homes in the area and how long they are on the market for too. Properties that have been on the market a long while and tend to sell for less than the asking price ensure you are in a strong enough position to confidently submit a lower offer.

Whenever you deal with an estate agent, they are obliged to pass on any offers submitted on the property to the seller, no matter what they are. So make sure you let the agent know what your offer is, even if you want to begin with a lower offer. The estate agent might be clear that the seller is unlikely to accept, but putting in a lower offer can unnerve them and help with the negotiation process, particularly if they are looking for a quick cash house sale. It is also a good idea to put the offer in writing, even if this is just an email following a phone call to the agent.

In many cases the seller will return with a counter offer, which could mean that they set a minimum price they will accept, which is where the negotiation process begins. Unfortunately the estate agent is working directly on the seller’s behalf and therefore controlling much of the negotiation, but as a buyer you can use a buyer’s agent to help with the negotiations.

by Cormac Henderson

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