What you can do to help your offer get accepted
The market we find ourselves in currently could be described in many ways, “buoyant” or perhaps “fast-paced”. The trend or demand from people looking to purchase property is imbalanced with those properties available. In many ways, this can be considered good news as your home is likely to receive more than 1 offer possibly putting you in a better position.
There is also a flip side to this, on the buyer’s side of the fence you might be restricted to certain budget requirements, you may have nowhere to go when competing with a fellow bidder on a property meaning you may lose out. We have some tips and useful points to help you navigate this difficult situation and help you land that home you have just found.
If you are selling, get your offer in first.
In order to buy your new home you have to sell your existing property then expect questions from the agent along the lines of “is your property sold? Or, still to sell?”
The agent will present this question as it helps them to establish your position in the market and perhaps find out you have sold already, which is good news for their buyers as they will know that house sales take time to go through, approximately 100 days in normal market conditions.
In an active market, you will also find curiosity from agents as to whether you actually have an offer already on your property. Consider that any offer you wish to make is unlikely to be accepted until you have an acceptance for your own property. This scenario may disadvantage you in a competitive market so needs to be managed closely. You may even suggest this type of situation is a little unfair to your buying plans.
We would reflect by saying, consider the buyer you want for your own property, you will want a serious and committed buyer, someone who has funds and/or funding in place and that they will not let the buying chain down. Most people are in a similar position and want the ride to be as smooth as possible.
Have your mortgage agreed in principle.
A positive move for credentials with any estate agent is to have your mortgage in place and agreed in principle. This applies no matter if you are a first-time buyer or experienced in the housing market.
Why so? you may ask. It suggests you have done your upfront work already, you have been sanctioned to afford property based on your circumstances and that you have the financial means and vehicles in place. This gives the estate agent confidence in you when dealing with their customers and committing to viewing slots on their client’s property versus other potential interested parties who have not got the same details in place.
Having the certificate in your hand from a mortgage lender that says “Mortgage in Principle” or similar holds great value in the house buying process and has even more weight in a busy market.
Stay in close contact with estate agents
We mentioned earlier in this article that close contact with estate agents is good practice.
It clearly helps when getting serious in a buying situation, it may also help if you lose out on the property you had your eyes on and the same agent is then more inclined to come back to you with alternate options or give you the heads up because they had a good experience of you.
Agents you work with may well have experience and an instinct to knowing who is serious and motivated to buy. You want to therefore be someone that they can trust. We suggest be friendly with them, be upfront with them about your present circumstances, clear about your objectives and transparent about your budget, financial scenario and desired timescales for a move to complete.
Hopefully, these suggestions will help you navigate the busy market we are in and seal that property you want with minimal disruption.