How to get an offer accepted
Thu 23 Jun 2022
How to get your offer accepted
When you finally find your dream home after weeks or even months of viewing properties, it can be a real emotional rollercoaster. You can’t help but picture yourself in the property and imagine your life there. But there’s a long way to go before you get to that stage, and unfortunately, a lot can go wrong in the meantime. The first hurdle is getting your offer accepted.
In an ideal world, you’ll be the only one to have made an offer on the property – just because it didn’t suit others, doesn't mean it’s not perfect for you. In that situation, accepting your offer (providing it's a sensible one) should be a no-brainer for the seller.
However, all too often a great property will have more than one prospective buyer sniffing around. So how do you avoid getting into a ‘sealed bids’ situation? And how do you make yourself the most attractive option to the seller?
Do your research
Ask the estate agent plenty of questions. How long has the property been on the market? Why are they moving? Are they in a chain? Gather as much information as possible to help inform your offer. If they’re moving abroad for work, or have already had an offer accepted on their next property, they may be in a rush to move and more open to accepting a lower offer. If however you know they’ve had multiple bids, you’ll need to go in a bit higher to avoid being rejected outright.
Know the market
As well as doing your homework on the sellers, you’ll need to consider what the local property market is doing. Again, don’t be afraid to pick the brains of your agent. Are properties moving quickly in the area? Is there much competition? Check property websites to find out what similar homes in the area have sold for in recent months. Regardless of how much you love a property, you don’t want to end up out of pocket by making an offer that’s over the market value.
Make the right offer
Once you have a good understanding of the local market, the seller and their situation, you can decide on the offer you’d like to make.
If you’re absolutely head over heels in love with a property, it can be tempting to offer your maximum bid to ensure you seal the deal. But before you go rushing in, pause for a breath and consider what you have going for you.
Once you’ve made an offer, give the seller plenty of reasons to accept it. If you are a first-time or cash buyer, you’re already in a great position because you’re not in a chain.
However, don’t lose heart if you do have a property to sell. Make sure you stand out by letting the seller you’re serious. Show them that your property is already on the market, and that you have your deposit in place and a mortgage ‘in principle’. Instruct a conveyancer so that you’re ready to act as soon as your offer is accepted. If possible, you could even offer to commit to their choice of moving date.
Finally, be charming! Complement the seller on their impeccable taste and don't be afraid to let them know how much you love it. Selling a house can be just as emotional as buying one, and often sellers will choose the buyer that they like, especially if they see you as a good fit for their home.
Have you seen a property you love, or are you looking to move in 2022? Come and talk to Bothams and put yourself in prime position.