Buying property in East London? How to get your offer accepted
Finding the right property is always and joy and often a relief (!), but there are still several steps to follow before you actually get the keys and move in. One of the most important is putting in your offer and doing everything in your power to get it accepted. Delay and you risk someone else beating you to it; offer too low and risk being gazumped.
Here are my top tips for getting your offer accepted.
- Do your research
Look at property portals, look at current selling prices for houses of the same size in the same neighbourhood. This will help you build up a picture of what the house you want is worth (not necessarily the same as the asking price!).
If you can, find out what the vendor’s position is too. Are they hoping to sell quickly? If not, they may be prepared to hold out for the highest price possible – a good thing to be aware of before you make your offer.
- Be confident
If you’re confident you’ve done your research well, you can be confident about the offer you’re putting in, even if it’s below the asking price. This will make it easier for you to stick to your guns, or, if you find yourself negotiating, to protect yourself from being asked to pay a higher price than you can afford.
- Don’t go too low
Putting in too low an offer can make it look like you’re not really serious and you’re just seeing what you can get away with. You don’t have to offer the asking price, but going too low can seem like an insult and panic the sellers, neither of which are likely to make them accept your offer.
- Avoid round numbers
If the vendor receives more than one offer, they’ll usually choose the highest one. By putting in an offer that’s not a round number, you’re less likely to put one in that is equal to that of another potential buyer. As you can imagine, two identical offers make the decision difficult. You might also “win” the property by only paying £500 more than the other interested buyer.
5. Be ready
It’s always a good idea to get a mortgage in principle before you embark on house hunting – that way, you know how much you’ll be able to borrow if and when you find a property you like, which helps you choose one you can afford. But it’s also a good idea from a practical point of view. If you’ve already got your mortgage in principle, it shows the vendor that you’re a serious buyer. It also enables you to move quickly if and when your offer is accepted.
It also helps if you’re ready to instruct your conveyancer and commit to a moving date.
Buy property in East London
I always encourage buyers to put in appropriate offers, and I’ll give as much guidance as I can. I firmly believe that common sense and practicality, on both the buyer’s and the seller’s sides, make for the smoothest property sales and a price that’s right for all concerned.
Looking for property in East London? Take a look at the properties on the website and get in touch with me, Adam Dockley on 020 3633 4440, to arrange a viewing or simply find out more.