The UK’s housing market is currently booming. Properties are getting snapped up for well over the asking price, sometimes before the property has even gone on the market.
This is obviously good news for sellers, who can simply sit back and let the offers flood in, but what about the buyers who find themselves in a competition where there are more potential purchasers than properties?
Finding out what’s on the market is easy. After all, potential buyers don’t need to leave the house on a Saturday afternoon anymore to traipse around estate agents asking for photocopies of available properties.
These days, house-hunters can browse property websites and estate agents’ own websites, have targeted ads thrown at them by social media and then there are the property flyers and leaflets that are dropped through our doors.
With all this easy access to the latest houses to come on the market, buyers can be certain they’re not the only ones to have seen what’s out there in their preferred location and price range.
This article will look at ways on how to get an offer accepted on a property. Just to be clear though, this isn’t a masterclass on how to get a stupidly low offer accepted, but how to give you your best chance at getting a realistic offer accepted in the current climate.
Know what you’re up against
Do your research and get to know the market well in the area in which you’re looking. What are similar properties in the area selling for and are they selling quickly?
Also, find out about the property you want to make an offer on. How long has it been on the market? Has the price been reduced? Have they had other offers? Do they want a quick sale?
The answers to all these questions will help you to decide what a reasonable offer to make is.
Be in a good position
With the housing market being the way it is at the moment, many estate agents won’t even let you view a property until you’re in a position to put an offer in.
To put it another way, if you’re not actively looking but just taking a half-hearted peek at property websites now and then and you see something you like the look of, unless you’re serious about moving and you’ve at least got your house on the market, you’ve got almost no chance of having an offer accepted, even if it’s a good one.
To be in with a chance of having your offer accepted, if you haven’t already got a buyer for your current home, you’ll need to at least have your current property on the market or ready to go on the market immediately.
If you’re buying the property with a mortgage, be armed with a Mortgage in Principle (also known as a Decision in Principle, or Agreement in Principle). This will show the vendors that there shouldn’t be any reason why the bank won’t lend you the money for the property.
Having everything in position as far as you can, shows you’re a serious buyer and ready to go.
Big up your position
It’s not the British way to big ourselves up but, to be in with a good chance of having your offer accepted, you need to let the vendor and their estate agent know why you should be the one to have your offer accepted.
So, big yourself up and tell them everything that makes you the perfect buyer:
- You’re a cash buyer
- Your finances are in place
- The sale on your own property is currently going through
- You’re happy to move quickly
- You’re not in a rush
- You’re not in a chain
In short – find out what kind of buyer the vendor wants and be that buyer. Sell yourself to the seller.
Make friends with the estate agent
We’re not suggesting you invite the estate agent round for dinner or become their new BFF but simply to strike up a good relationship with them.
Yes, the estate agent is working for the seller but get the agent on your side and they’ll be able to give you information that will help you decide not only the offer to make but also how to get the offer accepted.
For example, the estate agent will know if the vendor is likely to accept an offer or if they’ll be holding out for the asking price or above.
If you get the estate agent on your side, they’re more likely to put in a good word for you and help persuade the seller to accept your offer. Yes, the higher the vendor sells for, the more commission the estate agent gets, but a quicker sale means they can move on to the next property to sell, and get their commission quicker.
With this in mind, next time you need to talk to your estate agent about something, make the effort to visit them in their office, and don’t just rattle off a quick email. Build that personal relationship to get the inside info.
As we said at the beginning, this isn’t a how-to about getting a stupidly low offer accepted. A stupidly low offer will only be declined and you also risk antagonising the vendor and the estate agent. This can mean the vendor being disinclined to accept a higher offer from you and the estate agent being reluctant to let you know about any other properties.
So, to avoid missing out on your dream home, take the above advice into consideration and you’ll be in with a good chance of getting your offer accepted.
This article was written by CWT Distribution – the UK’s leading door to door distribution company, founded in 1968. CWT Distribution has a proven track record of delivering outstanding flyer and leaflet distribution services to clients across a range of sectors, such as the NHS and Lidl.
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Millie is a perfectionist with a passion for property and writing articles. You’ll find her researching the latest housing trends and the newest up and coming areas worth investing in.