The more you plan, the more confident and comfortable you'll feel when it’s time to make an offer on a house. Doing your research and having everything in order will give you a big advantage.
How can I prepare before making an offer?
Research the local property market
Take time to investigate other homes for sale in the same area, especially ones that are similar in size and type. Check both the asking prices and the sold prices of comparable properties. This will help you figure out whether the property you're interested in is priced fairly and how much you should realistically offer.
Sort out your finances and documents
If you're planning to buy with a mortgage, speak to a lender or mortgage advisor early on and try to get an Agreement in Principle. You should also make sure you have your deposit ready before you start making offers. Having your finances in place shows the seller you’re serious and in a good position to move forward.
Keep in mind that estate agents are legally required to carry out ID checks to comply with anti-money laundering regulations. This means they will need to see documents such as your passport or driving licence, as well as proof of funds.
Research solicitors
It is a good idea to have an idea of which solicitor you may wish to use for the conveyancing process before you make an offer. Estate agents will often ask for your solicitor’s details before a property is taken off the market so that you have shown commitment to the purchase.
Deciding how much to offer
Once you know how much you can afford, think carefully about your offer strategy. Try not to go over your budget or what the property is worth. There are two main approaches:
• Go in strong from the start: Make your best offer upfront to show you’re committed and try to avoid a long negotiation process.
• Start low and negotiate: Begin with a lower offer to give yourself some room to increase if needed.
Submitting an offer
How to submit an offer
You can make an offer by contacting the estate agent either by phone or in person. It’s a good idea to follow up in writing to make sure there’s no confusion about what you’ve offered. The estate agent will then ask about your funding and how quickly you can proceed.
By law, the estate agent must pass your offer on to the seller. Once they do, they’ll get back to you with the seller’s response.
If your offer is accepted, congratulations! But if not, you can either walk away or try to negotiate. Before increasing your offer, it helps to know if there have been any other offers and whether they were higher than yours. But always stick to your budget and remember to account for extra costs like stamp duty.
5 Tips to Help Get Your Offer Accepted
1. Highlight your situation
If you’re a first-time buyer or not part of a chain, let the seller know. This can make you more appealing since it means fewer complications.
2. Get to know the agent
Building a good relationship with the estate agent can help. Pop into their office instead of just calling, face-to-face conversations can leave a stronger impression.
3. Move quickly
Don’t waste time if a property catches your eye, book a viewing right away. Acting fast shows you're serious.
4. Make a sensible offer
Avoid offering too low, as this may imply that you aren’t a serious buyer.
5. Secure the deal
Once your offer is accepted, ask the agent to take the property off the market. This lowers the chance of someone else coming in with a better offer as the purchase is not legally binding until contracts are exchanged. Stay in regular contact with the estate agent, agree on a realistic timeline for exchanging contracts, and keep things moving forward.
