Once you get to the stage where you are ready to make an offer on a property or a flat, no doubt, you will be full of joy. It is something to look forward to but then again. Your aim is also to get the property at the lowest possible price.
Making a lower offer can allow you then to spend more on the property on some extra luxuries or save later down the line, on things like home improvements. Understandably, you may get anxious about offending the seller with such a low offer.
However, our Mortgage Advisors in Manchester are here to ease your worries on the matter. The thing you want to remember first off is that this is a negotiation process. The chances of your first offer getting accepted are slim unless it is relatively close to the asking price. It may be accepted; however, we tell our customers, it is better to go in prepared and with a game plan.
Most sellers need to maximise their selling price due to the plans they have of their own. They may need every penny they can get out of the sale to secure a new home for themselves. It could also be for something else. Whatever the case, you are looking to find that specific number, the lowest possible price they are willing to accept.
As mentioned above, it is ideal to go in prepared, and it’s our job to help with that. By working alongside you, we will hopefully give you the best chance of success in getting your dream home.
If you are new to the market or are in competition with other potential buyers, this becomes especially important. Here are some of the things you can be doing to help yourself:
Any estate agent that values their credibility will want to check that you have funds in place whether you are a straight-up cash buyer or in need of a mortgage in Manchester. It shows the agents that you have the means to proceed with the purchase.
Estate agents also have their anti-money laundering checks to run, so you may be asked to prove your identity and current residence. Some corporate estate agents in the industry have shown to exploit this diligence (offer qualification) to cross-sell other products or services to you.
They like to intimidate customers who have fallen in love with a property, by telling them that they have a higher chance of success, by using their in-house Mortgage Advisor in Manchester.
Fortunately, people tend to see through that. You can rest assured that not only will a Mortgage Broker in Manchester do their best to find you a better deal, but they will also have your best interests at heart.
Sending your Agreement in Principle, identification, and other supporting documents should provide enough proof that you can progress. If they try to tell you otherwise, we recommend discussing the estate agent you will bypass them and approach the seller directly.
If you are looking to raise your deposit by selling a property you currently own. It is way more useful to have sold your property before making an offer.
The issue some people face is that they may not be looking for a new home until that ideal one comes up for sale. In the event of this, go ahead and view the property.
One thing to remember is while you may feel like you are ready because you have not, you’re your home yet, you’re not. In any case, this means that anyone who has sold their property and made a similar/better offer will probably be the ones to walk away with the keys.
It is not unheard of for people to do this and still end up with that dream property. But from the point of honesty and professionalism, it is something we must always advise you to keep in the back of your mind.
To ensure getting yourself prepared, you will need your paperwork in order. Upon the application stage, you will get asked to provide proof of income, identification, address, deposit. Then three months’ bank statements to the lender.
We recommend keeping all these documents together in a folder. So that you can get the ball rolling on your application once an offer gets accepted.
When buying a home, emotions tend to run high. You may be buying a house to raise a family. Then the seller may very well have done the same thing in that house.
Telling them your plans may very well resonate with them and build up empathy. Something to avoid is being cynical about certain aspects of the property.
They own the house, so likely know that it is not double-glazed or doesn’t big cupboards. Pointing out these could turn the seller off you as a potential buyer.
Getting to know the seller is something that could work in your favour. It’s doubtful to have any detrimental effect and could assist in the negotiating process.
Do they have a house they are looking to buy? What are their reasons for moving? Have there been many offers so far? Finding out the answer to questions like these can be a crucial indicator as to how low the seller is prepared to go when you make an offer.
If they are looking to make a quick sale, they will likely accept a lower offer. An offer that is below the original asking price is less likely to be accepted if there is a home buyer. Who is more than happy to pay what the seller was asking price.
Whether you are a First Time Buyer in Manchester or looking to Move Home, our expert Mortgage Advisors in Manchester can use their knowledge and expertise partnered with the information provided to help recommend the most useful advice for you.