What is the correct methode to use on making an offer?

Atomic_guy

Hi all,

I was hoping someone can advice me on making an offer the correct
way on a property. Initially I wrote down a list of cons I found on the
property when I went to view the property. I was going to pass the
list on to the state agent so that they can pass it on to the seller so
that they can see the justification for the lower offer price. And hoping
they'll accept it. The house require extensive modernization and I think
the offer price I want to make justifies it. But how do I go on about it?

Do I make a written offer with list of cons to justify the offer well
bellow the asking price?

Or do I just call up the state agent and make offer over the phone with
out listing all the cons?

If I make a written offer would I be binding? I dont want anything to be
binding at the moment.

googler

If you don't want it to be binding, why make the offer in the first place?

You make the offer because you want to buy the house. If you don't really want to buy it, don't offer.

Neil_in_Bristol

I think that putting the offer in writing makes it look like you're well-organised and serious about the purchase. Write "Subject to contract and survey" at the top to prevent it from being binding (and make sure you've checked spelling etc!)

Personally, I wouldn't use your list of problems yet - it may well antagonise the seller and the estate agent, or make them think that you'll be an awkward person to deal with. If your first offer is rejected, you can then use the list as reasons for why you're not prepared to go much higher.

DVardysShadow

Would not waste effort passing on a list of cons. It will just give the less experienced agents a list of issues to browbeat you and argue the toss when infact you have made up your mind. All that matters is that the seller will drop and you will raise until your offer meets their expectation. Or not and you walk away.

A list of cons will not help you. Just offer by phone and tell the agent that the house needs work doing and your offer is £X. Don't see their mortgage advisor and end up telling them how much you can afford.

Gwhiz

I would not waste time writing. Simple phone call will suffice.

Marvel1

When I put offer on mine, just made a call, made the offer price (no reason why) and waited.

evoke

Atomic_guy wrote: »

If I make a written offer would I be binding? I dont want anything to be
binding at the moment.

Jeez. Do you want to buy the property or do you want to mess the sellers around?

If you are not sure then stop wasting the EA's and the vendor's time.

If you are sure you want to buy the property then call the EA and tell him/her how much you want to pay for the property and see what happens.

It really is as simple as that, unless you want to make it more complicated! LOL.

G_M

No offer is binding until contracts are exchanged. Property is different to other contracts in this respect. No legal need to add 'subject to contract' though it does no harm.

The seller knows the property far better than you and does not need your list of 'cons'. Just offer what you want to pay.

DVardysShadow

evoke wrote: »

Jeez. Do you want to buy the property or do you want to mess the sellers around?

If you are not sure then stop wasting the EA's and the vendor's time.

If you are sure you want to buy the property then call the EA and tell him/her how much you want to pay for the property and see what happens.

It really is as simple as that, unless you want to make it more complicated! LOL.

The above is rather naive, to say the very least.

When you buy a house, the vendors may be telling all sorts of verbal porkies, which is why you employ a solicitor and get the facts in writing.

If you have any sense, you only become bound to the deal when you sign the contract. Making a non binding offer is in no way messing the vendor about, it is part and parcel of the process towards exchange of contracts, which is the only sensible point for the deal to become binding.

MrsManda

DVardysShadow wrote: »

When you buy a house, the vendors may be telling all sorts of verbal porkies, which is why you employ a solicitor and get the facts in writing.

If you have any sense, you only become bound to the deal when you sign the contract. Making a non binding offer is in no way messing the vendor about, it is part and parcel of the process towards exchange of contracts, which is the only sensible point for the deal to become binding.

I don't think Evoke meant the OP should make a firm legally binding offer. I think she just meant that all you need to do to make an offer on a house is to call the EA. There's no need to put it in writing and explain why that's what you are offering including all the cons of the property etc...

more_money_for_me

My personal opinion is just to make an offer. On a property needing work you will obviously get a decent survey. At this stage if there are major issues that effect the property value then you can renegotiate. You can't be expected to see all the issues with a particular property. Until you offer you can't guage whether the seller is realistic or not. Be prepared to walk away if the seller isn't realistic.