You’ve Offered On A Property … Why So Gloomy?

Offering on a home-to-be should be one of the most elating experiences that can happen to you, yet as soon as you have made the offer on the property you want to own, very quickly your energy get sapped and you retreat into total darkness – locking yourself away in the “Mind Cupboard” where it is just dark and filled with uncertainty.Offering on a house isn’t like going to a till, having the cashier ring up your purchase, handing over your credit card and walking out with your purchase – it’s more like going to a “Black Friday Sale” where you and 23 other people want the last 50inch screen T.V. that is on the shelf.

After viewing the house, you and your partner both agree that the property is what you both want and then spend the next five minutes in complete silence, during which time in your mind you have repainted, carpeted, changed the curtains and decided where the furniture will go. The attachment has started.

You make the offer and the excitement starts to grow, you tell family, friends and work colleagues about this amazing house, but after five minutes no one has got back to you with feedback – you check your phone – no calls and no emails, then a little bit of doubt starts to rear its ugly head – what if there are other people who want it? What shall I do if the offer is rejected? Why has no one contacted me yet? This is when the darkness creeps in, that feeling of uncertainty and all this when you have to make a presentation at work.

Whilst I can’t help with your neurosis, I can explain how the offer process works to assist you with what is coming. Try to ensure that you are at this point before making any viewings NEXT STOP … TOP OF THE LIST! and have all the relevant telephone numbers and email addresses to hand, when viewing the property with the estate agent or vendor always, always, always be nice and polite and be positive about the home you are viewing (it goes a long way and makes you memorable!).

Research all available properties in the area, property portals generally have a sold price index too which will give you a good indication if the marketing price is correct or not, this then allows you to make an informed offer – make the offer.

The agent should ask you for every bit of information you have when taking down the offer and this is key to your success as the vendor will be informed that not only do they have an offer but that the purchasers finance is in place and has been checked and that they have a solicitor ready and waiting – To an agent you get an A+ and this very often comes through when talking to the vendor.

The uncertainty generally comes through a lack of communication and without a doubt it’s down to the estate agent, thankfully most will immediately come back to you and let you know they have left a message for the vendor or sent an email, if they know their vendors they will have a rough time when they usually respond and letting you know this can remove some of the nagging doubt.

You may reasonably ask if there are any further offers on the property or if any other viewings are taking place, but remember an agent can not tell you what price other purchasers have offered – its unethical.

When the vendor comes back to the agent they should immediately report back to you with either a YES (Yippee!)  or a NO, if it is a NO you can always ask the agent if the vendor has indicated a price they will accept – in which case you can decide if you will offer that or not – if they have no indication then yours is the marketing price and either a fresh offer needs to be made (if it is the house you really want then it maybe advisable to have a second offer in mind) or time to move on to another property.

If the gloom and darkness starts to descend upon you, then make a quick call to the agent and let them know your phone may go to answer machine as you may be tied up and please leave a message, even though your going to be sat there with your phone in hand, staring at the screen waiting for it to light up.

Sometimes it can be a waiting game and the best advice I can give is to get on with your daily lives, at other times you could get an immediate response and if it is a YES don’t think that you have over paid for the property, instead remember that the vendor has had longer to decide what offer they would accept and because you are an A+ purchaser they have welcomed you with open arms.

 

 

 

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Selling property for over 25 years, helping vendors achieve higher values, purchasers to get the home they want and helping Estate Agents achieve their goals.

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