Posted on June 25, 2019 at 2:23 PM
Finances at the ready:
Have your mortgage in principle/ proof of funds on-hand and ready to show sellers that you’re serious about buying; many people that go on viewings are just casually browsing, so set yourself apart from these types of buyers.
Without having your finances in order prior to viewing properties, you won’t be able to negotiate effectively. You need to know your exact budget and how close you can get to the sellers asking price.
Research the area:
Before viewing a property, spend some time researching the area. Find similar properties that are on the market currently, and (perhaps, more importantly) properties that have sold recently.
If you only consider nationwide or even citywide statistics for property price trends, they most likely won’t accurately reflect the market in the area that you are viewing.
Speed is crucial:
Sellers LOVE buyers that come well-prepared and can complete a sale quickly. They’re probably purchasing a property themselves, so if you can make that smooth for them, there is a very good chance that they will accept a lower offer.
Make sure you have arranged your finances before making an offer, have your solicitors at the ready, and ideally you are chain-free. If being chain-free is not a possibility, ensure you’re already marketing your property and are now under offer or close to completion.
Be Persistent:
A lower offer that doesn’t work for a seller today might just work for them in a month or two. Circumstances very often change, and while they might have not been too sure about their plans before, they have now found their dream home and realised that with your previous offer they’d be able to get it.
Even if they’ve accepted somebody else’s offer, approximately a third of all sales fall through, so it’s worth keeping in touch with the estate agent/seller.
Make an offer the RIGHT way:
The way you submit an offer can make a massive difference in the final price agreed. One tip is to submit your offer in writing, along with your solicitors’ details and some proof of funds/mortgage arrangement. This will show your intent to the seller and that you can proceed quickly.
You can give your reasons for submitting a lower offer but DON’T get personal. You will only hurt your chances by insulting the property rather than giving logical reasons why you feel the property is worth below the asking price.
DON’T submit a shockingly low offer (however tempting that may be), even if the property has been on the market for a long time. A seller might see you as a time waster and flat out refuse to deal with you in the future out of principle.
If you need any further advice about buying or selling a property, give us a call and we’d be delighted to help in any way we can!
