“This is the one!”, you make the offer and it’s not accepted. You go back and it has gone under offer, taken off the market and sold to another buyer. Why? Why? Why?
It doesn’t happen every time, but if you see the property that ticks most of your boxes it can be heart-breaking to watch it slip through your fingers. So let us put a stop to it right now shall we?
Whether you are dealing directly with the owner of the property or communicating via the Estate Agent it is vital that you get to the top of their list, be the hot buyer; the one that stands out above all the rest.
Cash buyers, First time buyers and unencumbered purchasers are always top of the list. They can move straight away or at a timescale to suit the vendor. Next up are those who are under offer; proceeding with a sale on their own home, you are in a chain and although you can proceed it is at the mercy of others and lastly we have those with a home to sell, it may sell quickly or it may not, but most homeowners will have a long hard think about accepting your offer.
If you will require a mortgage to buy your first or next home then I recommend you do this before you even start to look property. For you it is all about knowing just how much you can borrow and what you will be paying back, but for the vendor it is having knowledge that you can afford to buy their home. Every bank, building society and mortgage broker will give you a written ‘Agreement in Principal’ (AIP) – it says you have done your homework and all you need to do is add a property address to your mortgage. Take it with you if you are visiting Estate Agents to register or inform them over the phone and include the information if you decide to register on-line.
If you are committed to buying a for the first time, you are going to need a solicitor. Ask family and friends for recommendations, ask Estate Agents (after all they deal with them daily) and read reviews on-line. Talk to the solicitor about timescales, fees, communication with you and abortive sales costs. When you instruct a solicitor they can ‘open a file’ for you, but they will need monies on account. This also shows the owner that you are ahead of the rest.
When making the offer, in most situations you will be asked about the size of your deposit, give this information and don’t hold back – offer it in email form (remove account details), show it to the Agent or Vendor either from your phone app or in statement form. If your deposit is coming from the sale of your home, ask your solicitor to put this in writing and allow it to be seen.
Silence is not golden, infact it is one of the largest contributors to a sale falling through, if the vendor, mortgage broker, solicitor or estate agent is trying to get in touch with you then get back to them as soon as you can. With an offer this can be the difference between joy and pain.
Whilst the offer you make on the home is the cake the above is the icing on it, this makes your offer attractive, it shows that you are ready, willing and able to proceed with a purchase and will fill the vendor with confidence when accepting it.