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How to Make an Offer on A Property in Leeds

Buying property: make an offer to bag the best deal

Once you reach the point of being ready to make an offer on a property, you’ll need to know what to do next. You’ll be understandably both excited and anxious, but you must remember that your work doesn’t stop there, and your aim is also to get the house at the lowest possible price. 

By getting the offer to be a little lower, you are then able to spend more on the property in the future, on things like home improvements. When offering lower amounts, you may be concerned about offending the seller.

Fortunately, our dedicated Mortgage Advisors in Leeds are here to ease your worries and make it easier for you. What is important to note is that this is a negotiation process and the chances of your first offer getting accepted are unlikely unless it’s not too far off the original asking price.That being said, it might be accepted and it’s always better to go in with a game plan.

Don’t get beat up if you don’t succeed the first time

The majority of sellers need to maximise their selling price due to their own plans. Some may be looking to secure a new home for themselves, or something else like that. No matter what it is, you are looking to find that “magic” number, the lowest possible price they’re willing to accept for their property.

As we have mentioned, you should really look to go in prepared, and it’s our job to make sure you’re as prepared as you can possibly be. By working alongside you, we’ll hopefully give you the best chance of success in obtaining the property you’ve had your eye on.

If you’re new to the property market or are in competition with other potential buyers, this becomes especially important. Here are some of the things you can do to ensure you’re ahead of the curve.

Getting your Mortgage Agreed in Principle

Any estate agent that is worth their salt will want to check that you have the required funds in place. Whether you’re a straight-up cash buyer or in need of a mortgage in Leeds, it indicates to the agents that you have the means to proceed with the purchase.

Estate agents also have their anti-money laundering checks to run, so you may be asked to prove who you are and where you are currently living. Some corporate estate agents in the industry have shown to exploit this diligence (offer qualification) to cross-sell other products or services to you that you maybe don’t need or want. 

Estate Agents have a tendency to intimidate customers who have fallen in love with a property, by telling them that they have a higher chance of success if they use their in-house Mortgage Advisor in Leeds. 

Fortunately, people tend to see through their scare tactics. You can rest assured that not only will a Mortgage Broker in Leeds do their best to find you a better deal, but they will also have your best interests at heart, always putting you and your situation first. 

Sending your Agreement in Principle, identification, and other supporting documents should provide enough proof that you’re able to proceed with the purchase and mortgage. If they try to tell you otherwise, we’d recommend telling the estate agent that you will bypass them and approach the seller directly instead.

The Benefits of Selling Your Home First

If you’re looking to raise your deposit by selling a property you currently own, it’s more beneficial to ensure you have done this prior to making other offers.

The issue some people face is that they may not be looking for a new home until that ideal one comes up for sale. In the event of this, by all means, go ahead and view the property. 

One thing to remember is while you may feel like you’re ready to make an offer, without taking advantage of the things we have covered, you’re probably not quite ready yet. This means that anyone who has sold their property and made a similar/better offer will probably be the ones to walk away with the keys. 

It’s not unheard of for people to do this and still end up with the property they wanted, but from the point of honesty and professionalism, it’s something we must always advise you to keep in the back of your mind.

Get Organised

To ensure that you are well prepared for the process, you’ll need your paperwork in order. Upon the application stage, you’ll get asked to provide proof of income, identification, address, deposit. This will be followed by three months’ bank statements to the lender. 

We recommend keeping all these documents together in a folder, so that you can get the ball rolling on your application once an offer gets accepted.

Be a Nice Person

When buying a home, emotions tend to run high. You may be buying a house to raise a family, something that the seller may very well have done the same thing in that house. 

Telling them your plans for the future may very well resonate with them and build up empathy. Something to avoid is being cynical about certain aspects of the property. 

They own the house, so likely know that it isn’t double-glazed or doesn’t big cupboards. Pointing out these could turn the seller off you as a potential buyer.

Listen Out for Clues

Getting to know the seller is something that could be very beneficial to you. It’s unlikely that it would have any detrimental effect and could help you out a lot when it comes to the negotiating process. 

They might have a house they’re looking to buy, or specific reasons for moving. Find out if there has there been much interest in the property lately and if they’ve had many offers. Getting the answers to questions like these can be a crucial indicator as to how low the seller is prepared to go when you make an offer. 

If they’re looking to make a quick sale, they’ll likely accept a lower offer with no issue. An offer that is below the original asking price is less likely to be accepted, if there is already a homebuyer willing to pay the price they’re asking for.

Whether you are a First Time Buyer in Leeds or looking to Move Home in Leeds. Our expert Mortgage Advisors in Leeds can use their knowledge and expertise partnered with the information provided to help recommend the most appropriate path for you to take.

Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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