Buying Your First Home – Offering and Buying

You have found the ideal property on Rightmove. It is in your price range and has everything you are looking for – but what happens next?

Before you begin to enquire about the property, it is very important you clarify what your current position is. Buyers with a mortgage-in-principle, first time buyers and cash buyers are usually more appealing to sellers as they often mean a quicker, smoother sale as they aren’t involved in a chain (they are not relying on the sale of another property)

Ask yourself some questions and do some research before you enquire about the property. Do properties in the area retain their value? If you may look at starting a family in the near future, is it close to schools? Can you see yourself living long-term in this home? If you have any questions that you cannot find the answers to or are unsure, your agent will be more than willing to help.

Offering

Don’t rush into making an offer – do your homework beforehand and work out how much you can afford to put forward. Are you going to put your maximum budget straight onto the table? Are you going to put forward a lower offer than the asking price to try and ‘test the water’ and see how the vendor reacts? Of course, a chat with the estate agent beforehand may help as they may be able to guide you in the right direction. As well as asking the agent, take a look at the pictures of the property online, book a viewing or request some sales particulars (brochure details) – you may feel that a lower offer can be justified by how much work needs doing to the property. In times when a vendor has little interest, they may be more willing to negotiate on price. When you are ready, pass your offer to the estate agent who will then put it forward to the vendor of the property.

Offer Declined

Don’t be disheartened – if you have put your maximum offer forward already, there is always another property out there for you. Keep yourself updated on Rightmove, Zoopla and PrimeLocation. If you have not put your maximum offer on the table, speak to the agent and ask for their opinion on what to do next. A slightly higher offer may tempt the vendor into accepting.

Offer Accepted (SSTC)

The agent has called you back to let you know your offer has been accepted – congratulations! The property will shortly be marked as sold subject to contract and you now have your foot in the door to purchasing the property. Your agent will now guide you through arranging solicitors and conveyancing. At this stage, proof of mortgage or cash is needed and the necessary searches can be arranged in order to progress the sale further.

We hope this guide will help you in the process of preparing to offer and offering on a property. If you have any questions or there is anything you are unsure of, please do not hesitate to contact one of our offices.

HELPFUL/RELATED LINKS

LOOKING FOR A PROPERTY
www.rightmove.co.uk or www.zoopla.co.uK

HELP-TO-BUY
www.helptobuy.org.uk and www.rightmove.co.uk/help-to-buy

MOVE PLANNER
www.moveplanner.zoopla.co.uk

JARGON BUSTER
www.david-james.com/news/view/jargon-buster

BUYING YOUR FIRST HOME – PREPARATION
http://www.david-james.com/news/view/buying-your-first-home-preparation

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