Making an Offer
So you've seen the property and you want it. Your initial reaction will be to camp outside the
Estate Agents to let them know the next morning. Before you do, consider the following:
The Second Viewing
It is wise to always view a house for a second time if you are interested in making an offer.
You will be surprised how smaller features become noticeable. The exercise will either
confirm your original feelings or make your reconsider. As you will have already met the
vendor once before, it gives another opportunity to ask more questions. Remember to be as critical
as possible - it's better to find defects now before making an offer. Take the chance to examine
the surrounding area.
Making an Offer
If you still come away feeling positive about the house after the second viewing, it is time to
inform the Estate Agent. Don't hang about as there may be several other parties interested as well.
An offer is not legally binding (except in Scotland).
What Price Should I Offer?
- Firstly ask yourself if it is a buyer's market. A good tip is to examine the asking price. Subtle
details can indicate a buyer's market - for example, an asking price £78,950 instead of £79,000.
- Generally there is greater demand for houses (and therefore a seller's market) during the spring/summer period and also during a strong economy.
- Take into consideration what additional work (& costs) may be needed.
- Find out how long the house has been on the market by asking the estate agent or flicking through old copies of the local paper. A house that has been for sale for a while puts the buyer in a much stronger bargaining position.
- It is often worth offering a lower price anyway to judge the vendor's reaction.
And Finally... Make sure your offer is "subject to survey and contract".