How to Make Your Offer Stand Out

You've found the house.

You like the garden, the location works and you've already started imagining where the sofa is going.

Now comes the slightly uncomfortable bit:

Making the offer.

Most buyers immediately think the highest offer wins. And, of course, the price matters.

But it isn't always quite that simple.

Your position matters

Imagine two buyers offer £300,000.

Buyer A is in a chain, hasn't got their property on the market and hasn't spoken to a mortgage adviser.

Buyer B is a first-time buyer with a mortgage agreed in principle and no property to sell.

Which one would you prefer if you were the seller?

The answer may not be as obvious as simply choosing the first buyer.

A seller is often considering the likelihood of the transaction actually reaching completion, as well as the amount being offered.

Know your numbers

Before making an offer, make sure you understand exactly what you can afford.

If you're using a mortgage, having an Agreement in Principle can demonstrate that you've already had an initial conversation with a lender or mortgage adviser.

It doesn't guarantee a mortgage, but it shows that you've started the process.

Be upfront about your circumstances

Don't make the estate agent guess.

Tell them whether you're:

• A first-time buyer

• Chain free

• Selling another property

• Sold Subject to Contract

• Buying with a mortgage

• A cash buyer

Your circumstances help the seller understand the strength of your offer.

Don't automatically go in as low as possible

There's nothing wrong with negotiating.

But there is a difference between negotiating sensibly and making an offer so low that the seller simply doesn't take it seriously.

Look at the property, comparable sales, asking price and current market conditions before deciding what you think it's worth.

Sometimes flexibility can help

Let's say the seller needs to move by a particular date.

If you're flexible about completion, that could be valuable to them.

Likewise, if the seller needs extra time after completion or has another property they're purchasing, being able to work with their timescale could make your offer more attractive.

Communication matters

If your offer is accepted, the real work begins.

A buyer who responds quickly to their solicitor, mortgage adviser and estate agent is much easier to deal with than one who disappears for two weeks.

Sellers want reassurance that the person buying their home is committed.

Don't get obsessed with being the highest bidder

We've seen plenty of situations where the strongest offer isn't necessarily the highest offer.

The overall package matters.

Price, position, funding and timescale can all influence a seller's decision.

And remember...

Until contracts are exchanged, an agreed sale isn't legally binding.

That's why it pays to keep everything moving once your offer has been accepted.

The sooner your mortgage progresses, searches are ordered and legal work begins, the sooner you can move towards exchange.

If you're thinking about making an offer, speak to the estate agent. They can explain what they know about the seller's position and make sure your offer is presented clearly.

At Holbrook Moran, our job isn't simply to pass an offer on. It's to understand the circumstances behind it and negotiate the best possible outcome for our seller.