Putting an offer in

donz23

Hi all,

We want to put our first ever offer in on a house (FTB). As we have not done this before is there certain wording/conditions we should put in? Eg is it reasonable to say to seller to take their home off the market if they accept our offer?

Also how should we provide details of our offer - over the phone to EA or by email to EA? Letter is not an option as we don't work / live close enough to EA to pop it through the door.

Thanks in advance

LandyAndy

Call the EA and say 'I'd like to offer £x'

Everything else can wait until they accept

lolavix

It's common for agents in this area to keep a property on the market now until a survey has been booked. I've had an offer accepted but the property is still on the market.

freeman3030

donz23 wrote: »

Hi all,

We want to put our first ever offer in on a house (FTB). As we have not done this before is there certain wording/conditions we should put in? Eg is it reasonable to say to seller to take their home off the market if they accept our offer?

Also how should we provide details of our offer - over the phone to EA or by email to EA? Letter is not an option as we don't work / live close enough to EA to pop it through the door.

Thanks in advance

Hi, I was in this situation about 6 weeks ago. FTB myself and was very nervous about making an offer.
I wouldn't say there is any particular working you should use, just say you would like to make an offer for £xxx. They will then come back to you with a yes, no or counter offer.

If Yes - the EA will probably say, they have accepted your offer, to which you reply saying "Fantastic, I understand it will be taken off of the market?" If they wont take it off the market, then say that your offer no longer stands unless the property is taken off of market as you don't want to be gazumped. Your first offer probably wont be accepted anyhow which will allow you to negotiate the property being taken off the market later on - remember if you're not embarrassed by your first offer - you're offering too much!

If No - Increase you're offer reluctantly or say that you want to think about increasing your offer and you will be in touch. Take your time, unless it's already under offer. But then you could find yourself in a bidding war with another party. Set yourself a realistic budget and DO NOT go over it.

If they counter offer - If you're happy to accept, say that you will offer what they have requested so long as it's taken off of the market.


Are you buying with a mortgage? If so, they are probably going to want a copy of your mortgage agreement in principal... well mine did anyway.

I don't mean to scare you, but estate agents can be tough negotiators and they are good at it. You need to tell them that you're a first time buyer in a fantastic position, really sell this to them.
I lied to the estate agent on the property I offered to and told them that my mortgage in principal was for £90,000 when in actual fact it was for £100,000. The property I offered on was up for £99,950. I offered £87,500, increased to £90,000 and agreed on £91,500. Saving myself £8,500!

If they know there is room for negotiation, they will take you to the max if they can tell you want it. Not only is this going to be your home, this is an investment - so don't over pay! Be confident, all they can say is No to your offer.

Buying property can be very emotional, I should know. But keep calm and carry on! Let me know how you go.

Good luck!

k0sh

I am an Estate Agent, this is what I would advise you to say:

I would like to offer "xxx" for property I viewed with you on xx date.
My conditions are Y (e.g. to include shed, taking house off the market, anything else important to you)

State your credentials to the EA, you are a FTB, have a mortgage in principle and can go as quickly or as slow as the seller wants (they may not have found a house to buy yet).

If the seller has already bought a a house, you may have the upper hand. Try a cheeky offer and listen to the agents words carefully. They may give clues on the next step.

If the offer is rejected, do not rush back with a higher offer. The agent knows you are on the hook and he will try to reel you in. Arrange another viewing for another property with the same agent. Does not matter that this house does not interest you.

Arrange a second viewing for the house (or third if you have already done the second)
Wait for the agent to come back to you, at which point make a more serious offer but still below what you want it for and say that is all it is worth to you. Haggle hard.

Freeman3030 saID"If they counter offer - If you're happy to accept, say that you will offer what they have requested so long as it's taken off of the market."
In the counter offer scenario, agree to split the difference, don't agree with what they offer.

MissBailey

Can I ask how people would adjust if they knew there was a lot of interest in the property and there was another buyer interested? Would you still try and hold out or would you move more quickly?

highguyuk

MissBailey wrote: »

Can I ask how people would adjust if they knew there was a lot of interest in the property and there was another buyer interested? Would you still try and hold out or would you move more quickly?

All depends on how much you want the house?

donz23

Thanks for the advice so far everyone! Should I offer over the phone to EA or in writing (email)?

DRP

donz23 wrote: »

Thanks for the advice so far everyone! Should I offer over the phone to EA or in writing (email)?

email can easily be ignored or repsonse be delayed - i would never submit an offer by email.

phone call is better but it is easier for the EA to give you the brush off or be dismissive if he's speaking to you over the phone. I have usually made offers this way and I;m not sure i would do it again - i often got the impression the EA feels like 'the man' sat in his office with his colleagues doing the big deals. It gives them the edge as it were.

Best is to go into the branch imo and you can see the body language. Follow up by letter/email to the vendor cc'd to the EA.

donz23

DRP wrote: »

email can easily be ignored or repsonse be delayed - i would never submit an offer by email.

phone call is better but it is easier for the EA to give you the brush off or be dismissive if he's speaking to you over the phone. I have usually made offers this way and I;m not sure i would do it again - i often got the impression the EA feels like 'the man' sat in his office with his colleagues doing the big deals. It gives them the edge as it were.

Best is to go into the branch imo and you can see the body language. Follow up by letter/email to the vendor cc'd to the EA.

Trouble is we work full time and not in the same town as the EA so going into branch is not possible. See what you're saying about email and phone - phone might be the way to go for us. Thanks.

Calleja

I have just had an offer accepted and it was all done by phone. At least then you know it is being dealt with and things move faster.

I'm interested in what people think about the property being taken off the market. Similar to lolavix, the EA told me it was company policy to only remove the property when the survey is done. I have all my finance in place and feel a bit put out by this. Maybe I should have been more assertive when I made the offer but what do people think?