How To Help Get Your Property Offer Accepted

Published: 06/07/2022

You’ve saved up for several months to afford a house deposit and you now have a mortgage in principle agreed, now comes the exciting part... scouting the property market and making an offer for the property of your choice!

Do you make a low offer, but risk the chance of missing out on your dream home? Do you make a higher offer, but risk paying over the odds?

We look at some effective ways that can help your chances in getting a property offer accepted.

Understand the local market

Found the home you’re interested in making an offer on? Well before you get the ball rolling with an offer, you will be given a rough estimation of what the homeowners are looking for with the listing price.

Any idea you may have around making an offer, maybe shaped around the understanding of the local market. It’s worth analysing houses in and around the local area that have gone on the market or sold recently, checking the house prices listed and use that as a waypoint for how much you should consider offering.

Consider your financial situation

It’s vital that you understand and consider your financial situation ahead of making an offer on a property. This can be arranged with a mortgage in principle agreement, so you know the absolute maximum amount you can afford.

Make sure you are happy and comfortable with maximum price you can achieve, as you don’t want to be going over the budget, as this may leave you short in terms of long-term payments, planning, or any home improvements you may be considering.

Deciding and submitting your offer

Although the market is currently different compared to previous years, and houses seem to be getting snapped up quickly, it is quite common to have you first offer be under the asking price, but within the ballpark of what the seller is asking for.

It is, however, highly likely that you will need to raise your offer to the asking price that the seller has listed for, which if you have budgeted properly for, shouldn’t be to much of a problem for you.

But things can start getting complicated if other buyers enter the market and make bigger offers, forcing your hand to go over the asking price.

Never go over what you can absolutely afford. Let the head rule over the heart in in this situation.

Getting your offer accepted:

Act fast

You’ve found the house of your dreams and been lucky enough to attend several house views, now comes the most important part, making the offer.

Acting fast and getting your offer in sooner rather than later will determine your chance of success. If you holdback on making an offer, or dilly-dally over what you should offer, there is a high chance that you could miss out on the property, with the way the competitors and the market is nowadays.

Be realistic

Although you may have been advised going below the asking price, don’t go too low as the seller will laugh off the offer and may result in them not considering any future offers.

While you want a good deal, so does the seller, so it’s worth being realistic to ensure all parties are left satisfied.

Have everything in order

You will want to make sure you have your paperwork and life circumstances all in order, to ensure the smoothest possible process in completing a property purchase.

As a result of you having your paperwork in order, it will likely be more appreciated by sellers who are looking to complete a swift sale, giving you the best possible chance that they accept your offer ahead of competitors in the market.

How we can help:

Our experienced conveyancing team have been providing first-class services in the legal and property sector for over three decades! Whether you’re a first-time buyer, purchase a property, looking to sell or considering buy-to-let, look no further than GWlegal!

We have a range of NEW deals and offers on a regular basis, including our client favourite combined sale and purchase deal.

So what are you waiting for, don’t waste any more time – we are ready and waiting to help you today.

Who are GWlegal?

GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us discuss@gw.legal with your question.

Who are GWlegal? We’re a national firm with local values.

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