NAEA Propertymark
Board member and Branch Manager at Watsons of Norwich, Ian Harris provides some handy tips and guidance on making an offer for your dream property:
Putting an offer forward to purchase your dream home is a big thing. Here are some tips and guidance to make the process as smooth as possible.
Alternatively, you can watch the NAEA YouTube video here.
Preparation
Firstly, the more preparation you do the better you will feel upon entering the offer process – feeling both comfortable and confident. By carrying out research on other properties (of a similar size and type) in the area. This will also help you understand the pricing in the area and make you feel more comfortable with the price you are offering.
Documentation
Secondly, it’s important to have all of your documents ready in advance:
- Create a check list if you need to – and tick off each item once complete/ready
- Work out where your money is going to come from (with proof of existing funds)
- Speak to your mortgage advisor and ideally obtain a mortgage agreement (in principle)
- Ensure your photo ID is valid (you or your co-buyer will need to provide ID to the estate agent).
- New legislation puts valid ID as a requirement, so don’t be surprised if you’re asked!
Making an offer
- Ring or visit your estate agent in person – it’s at this stage you will be making an offer – but verbally!
- Your estate agent will document all offer information, request details of where your monies will be coming from and how soon you can proceed.
- The estate agent’s role, having obtained all offer information is to formally approach the seller and put the offer forward.
- The conversation will commence – with the estate agent coming back to you for the moment of truth – a yes or a no!
- If your first offer is accepted, that is a definitive champagne moment!
- If however, it’s a no, then you can always reconsider your financial position and decide what to do next.
- I would advise not making your best offer, first-off. If your lower offer is accepted, then great news. If not then you still have the scope to increase your offer to a more attractive price for the seller.
During this entire process, your estate agent may offer you assistance with mortgage, solicitors or other advice. You are not obliged to accept these services, and more than likely have these in place already. The estate agent is there to help you secure your purchase and offer advice where they can.
Once purchase is agreed and dates set, you can look forward to moving into your dream home in the not too distant future.
All the preparation and hard work in advance will be worth it.
By Ian Harris, Branch Manager at Watsons of Norwich
NAEA Propertymark Board Member
