Once you are at the point of making an offer on a property, you’ll need to be prepared for the steps that are to follow. The process can be both exciting and anxiety inducing, but the work doesn’t stop there! Your aim will always be to try and get a lower price when making an offer on a property.
In doing so, you’ll be able to free up more funds for future plans, such as home improvements, decorating and more. That being said, you may be concerned about the seller being offended, but worry not, as negotiations are a part of any process!
Here at Leedsmoneyman, our dedicated team of mortgage advisors in Leeds are here to make life easier for you, with hints and tips that better prepare you for your mortgage process and making an offer on a property.
The key is to make sure you are not too far away from the original asking price, as there will be a reason the seller has chosen the price that the property is listed at. Still, by looking out for various factors and being in-the-know ahead of time, you may find yourself with a lower offer being accepted!
We find that most sellers will maximise their sale price, because they have their own home plans. Perhaps they want to secure a new home of their own, or something else of that ilk. Regardless of the reason, there will always be a limit of how low they’re willing to go.
Whilst a seller may need that much to accommodate their own plans, if they’re in a rush to get finished sooner rather than later, they may be more willing to go lower on the price, especially if it means getting the deal sorted quicker.
If you are a first time buyer in Leeds who is new to the property market or are in competition with other potential buyers, this becomes especially important.
Any estate agent that is credible and reputable will want to make sure that you can afford to proceed beforehand. This shows the agents and the seller of the property, that you are able to proceed with the process and are serious about your purchase.
Estate agents also have their own anti-money laundering checks to run, so you may be asked to provide proof of ID and address. Some corporate estate agents in the industry have shown to take advantage of this part of the process, to try and cross-sell their products to customers.
Estate agents often garner a reputation for trying 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 the agents in-house mortgage advisor in Leeds.
Fortunately, many people will 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 first and looking out for you.
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 an estate agent tries to pursue you more aggressively, we would suggest informing them that you may approach the seller directly, bypassing their service.
If you are moving home in Leeds looking to raise the funds for a deposit by selling a property you currently own, it’s more beneficial to make sure that you have secured the sale of your own home in advance.
The issue that some homeowners face, is that they often may not be looking for a new home until their ideal one comes up for sale. In this case, by all means, go and arrange a viewing, but remember that it won’t be as simple as that.
You may feel like you’re ready to make an offer, but you still have to make sure you sell your home as well. If you have already gone through the process of selling your home and are ready to go, without a property chain, a seller may be more inclined to sell to you.
We often find that people still do this and get the property they wanted, but we would always recommend that you keep it in the back of your mind.
To ensure that you are well prepared for the process, you’ll need to make sure you have all of your paperwork ready. Upon the application stage, you will be asked to provide proof of income, identification, address and deposit. You’ll also need to provide 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 is accepted.
When you purchase a home, emotions will likely be running 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 their humanity and build up empathy. Something to avoid is being cynical about certain aspects of the property, be positive, highlight what you like and the potential!
Think about it; they own the house, so likely know that it isn’t double-glazed or doesn’t have bigger cupboards. Pointing out these could perhaps lead to the seller not wanting to sell the home they have loved, to you as a buyer.
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 may have a dream home in mind or be looking to move for other reasons. Find out if there has there been much interest in the property and what type of offers have been made. Getting these answers can give you an idea of how low is too low when making 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 are going to be moving home in Leeds, our expert mortgage advisors in Leeds can use their knowledge and experience to help you along your mortgage journey.
Date Last Edited: December 6, 2023