Making an offer in writing - any standard wording?

Eric1

Found in an old thread
http://forums.moneysavingexpert.com/newreply.html?do=newreply&p=2345066

pldd4 wrote: »

...
Hello xxxxxxxxxxxx,

Following on from our previous telephone conversations about xxxxxxxxxxxxx I’d just like to confirm the following to you in writing if you could pass this information onto the vendor:-

We have our funds in place with the mortgage agreed in principle, and are in a position to instruct our solicitor immediately upon the offer being accepted. We are in an excellent position to get it moving swiftly as we have no chain whatsoever. Bearing that in mind that we have offered the full asking price on this property which requires significant improvements.

We need to know the vendor’s decision by Thursday at the latest because we have seen two other properties which we would go for if it’s refused.

Kind regards,

Is this more or less what EAs would expect from a buyer? I mean the wording, not "the full asking price" of course
Would appreciate any advice.

MissMotivation

I would use something like this..........

Dear EA

Please acccept this letter as confirmation of my offer of ***** on ********* as per my earlier conversation with you.

I confirm that I have a Mortgage agreed in principle with ******* and enclose a copy of the AIP. My Solcitors are ********* and I will instruct them as soon as you confirm acceptance of my offer. I am also buying with no chain.

This offer is made on the conditon that I have an answer by ******** as there are other properties I am interested in if this offer is not accepted and that the property withdrawn from sale on acceptance of my offer.

Yours.......

Eric1

Thank you, MissMotivation

Just found another one
http://forums.moneysavingexpert.com/showthread.html?t=175653

AndrewSmith wrote: »

... Example:
" Mr & Mrs x have decided that the property 'x' is the one they wish to purchase. They have their funds in place with the mortgage agreed in principle, and are in a position to instruct a solicitor immediately upon the offer being accepted. They are in an excellent position and can close the chain above and get it moving swiftly. Bearing that in mind they wish to offer 'x' subject to the following conditions.
All future and current viewings are cancelled
The property is withdrawn from the open market immediately and they have exclusivity over it
The sold board goes up within 48 hours
They receive weekly updates on the progress of the chain.

I guess this pretty much covers everything.

westv

Has the EA asked for offers in writing or are you just wanting to confirm what you have agreed (via the EA over the phone) with the vendor?

sebtomato

Since the offer, even in writting, has got no legal value in England, then the wording does not matter that much. Until exchange of contracts, both parties can change their mind without legal consequences.

Regarding putting "sold" boards up, I think it is probably a good way to trigger other buyers to make a better offer to the seller, so may not be in your best interest. No boards at all, until exchange of contracts, seems to be a better option.

mjmal51

Agree that formal letter probably is no better than verbal but may help to persuade.
From a post last year
" [FONT=&quot]To whom it may concern[/FONT]

[FONT=&quot]Re: Address of Property[/FONT]

[FONT=&quot]
[/FONT][FONT=&quot]Further to our viewings on [dates], we are pleased to be in a position to offer to purchase the freehold/ leasehold [delete as appropriate] on the above property [/FONT][FONT=&quot]for[/FONT][FONT=&quot] £[offer in numerical format] ([offer in words] pounds sterling). This offer is on the basis that the property is taken off the market immediately and is subject to survey and valuation.[/FONT][FONT=&quot]

[/FONT][FONT=&quot]Our offer reflects the poor condition of the internal/ external [delete as appropriate] fabric of the building, the falling property market and our strong position as prospective purchasers. Given that [address] will be vacant over the winter months/ is vacant at present [if relevant], I trust our desire [/FONT][FONT=&quot]for[/FONT][FONT=&quot] a swift completion will recommend this offer to the vendor.[/FONT][FONT=&quot]

[/FONT][FONT=&quot]Stagnant Property Market[/FONT][FONT=&quot]
[/FONT][FONT=&quot]As you are no doubt aware property prices have fallen substantially in recent months and continue to do so. [Now specify prices of properties in the street that have sold, and the large number still on the market in the vicinity].[/FONT][FONT=&quot]

[/FONT][FONT=&quot]Essential Repair Works[/FONT][FONT=&quot]
[/FONT][FONT=&quot][address][/FONT][FONT=&quot] is in a poor state of repair/ poor decorative order [delete as appropriate] and requires substantial capital input to bring it up to a habitable standard. Discussions with a local builder suggest that it will cost at least £x to replace the windows/ re-plaster/ fit a basic kitchen/ install central heating [delete as appropriate].[/FONT][FONT=&quot]

[/FONT][FONT=&quot]Position of Purchasers[/FONT][FONT=&quot]
[/FONT][FONT=&quot]We confirm that we are first-time buyers and thus in a chain-free position. Our finances are in place and we have instructed a local solicitor to act on our behalf in any property purchase. As a result we would be able to complete a sale quickly.[/FONT][FONT=&quot]

[/FONT][FONT=&quot]Should this offer be acceptable, our conveyancer’s contact details are[/FONT][FONT=&quot]
[/FONT][FONT=&quot]Name[/FONT][FONT=&quot]
[/FONT][FONT=&quot]Address[/FONT][FONT=&quot]

[/FONT][FONT=&quot][If you have any questions relating to the condition or contents of the property ask them here][/FONT][FONT=&quot]. I look forward to hearing from you at your earliest opportunity.[/FONT]

[FONT=&quot]Yours faithfully[/FONT]

[FONT=&quot]Your full names[/FONT][FONT=&quot]"[/FONT]

" Mr & Mrs x have decided that the property 'x' is the one they wish to purchase. They have their funds in place with the mortgage agreed in principle, and are in a position to instruct a solicitor immediately upon the offer being accepted. They are in an excellent position and can close the chain above and get it moving swiftly. Bearing that in mind they wish to offer 'x' subject to the following conditions.
All future and current viewings are cancelled
The property is withdrawn from the open market immediately and they have exclusivity over it
The sold board goes up within 48 hours
They receive weekly updates on the progress of the chain."

Adjust as necessary

googler

In Scotland, the answer to the thread title is an emphatic 'Yes' ....
I assume you're in England/Wales?

Eric1

westv wrote: »

Has the EA asked for offers in writing or are you just wanting to confirm what you have agreed (via the EA over the phone) with the vendor?

No, just seems a good alternative to blabbing nervously in the EA's office or on the phone

googler wrote: »

In Scotland, the answer to the thread title is an emphatic 'Yes' ....
I assume you're in England/Wales?

Yes, South East.