What should you think about when making an offer? 25 Jun 2021
Making an Offer
Making your offer is as simple as picking up the phone to the estate agent selling the property and offering them a price. Offers are made subject to survey and the legal conveyance. All offers should always be confirmed in writing by the agent to the seller, as best practice we will also confirm offers back to the buyer.
Under the Consumer Protection Regulations 2015 (CPR) Agents have a legal obligation to inform you of any issues that they are aware of with the property, eg: planning permissions that negatively impact the property, bad neighbours, structural problems.
When you make an offer it is important to establish what exactly is included in the sale and the time scales in which you would like to move.
The amount you offer is at your discretion, but be mindful not to offend a seller with a really low offer, as this could hinder your chances of getting an offer accepted, particularly if you are in love with a property.
When you place your offer forward, sell your position to the agent and don’t be surprised if they ask for information regarding your finances. Be prepared to give as much information as possible this will help you get the offer accepted.
If you have an offer rejected, you can increase your offer. Be careful to avoid getting involved in a bidding war, as you don’t want to end up paying over the odds. Decide how high you are prepared to negotiate up to. Don’t be afraid to leave an offer on the table, people’s situation can change quickly with property.
Amazing news! The agent should now formally confirm the purchase in writing, stating the price, terms and conditions and outlining timescales.
Your offer should be ‘subject to contract and survey’, this means you are not legally bound to buy the property until the point at which you have exchanged contracts. This will allow the time necessary to order relevant checks and then gives you the opportunity to renegotiate or withdraw from the sale if anything serious is raised.
We are always here to help and offer impartial advice when our clients are making offers on properties through other agents.