Procedure for Making an Offer on a Property?

powerwin

Hi Guys

I'm a first time buyer, and tomorrow I'm going to look at a property. I have done a lot of research into mortgages, but I have not actually arranged one yet. I have been advised by a well known firm of mortgage brokers that I could get a mortgage up to £140K (if stretching things). This property is £90K.

My question is, if I decide I want this property, what is the next step. Can I make an offer subject to arranging a mortgage? What is the procedure.

Many thanks

Powerwin

Thrugelmir

Make an offer through the selling agent. This will get the ball rolling. The vendor may decline or accept. So you may need to negotiate further.

I have always viewed as many properties as possible. That way its possible to benchmark what you are getting for your money. Value is in the eye of the beholder.

powerwin

Thanks for your reply.

So, I can make an offer without having a Mortgage Agreement in Principle?

I shall try and view a number of properties, although it's always difficult when you think you've found something really good not to feel you must act quickly to secure it. However, I guess it's very much a buyer's market at the moment so I must just keep calm!

Rgds

Thrugelmir

Having an AIP will provide evidence of intent. Though does not guarantee your ability to raise the necessary finance from the vendors perspective.

If you are serious about purchasing. On a dual track may be worth knowing who you intend trying to obtain a mortgage through. So when the time is right you are ready and prepared to move quickly.