Please help critique my offer letter

davidmcn

Have edited your letter for you:

Hi [EA],

It was good to meet you and see the [ ] property this weekend - thank you very much also for taking the time to answer all my questions.

As discussed on Saturday, I liked the property very much and it is somewhere I could definitely see myself staying long term and, hopefully, making into a family home.

I would therefore like to make an offer of £500k on the property and would be able to proceed with this ASAP. As discussed on the weekend, I’m a first time buyer and not part of a chain, so would be able to move at the sellers’ pace.

For further context, I have an 85% cash deposit available for this and a mortgage in principle available for the remainder (very happy to forward through supporting documentation of this).

I appreciate my offer is under the asking price, so wanted to briefly explain how I reached this amount.

1. Comparable selling prices of properties most recently sold in the area with similar square footage and of a similar spec eg 100 Xxxx Road (3 bed, £485k); 40 xxxxx Crescent (3 bed, £490k)
2. As a first time buyer, while I am able and willing to move quickly/chain-free, the stamp duty bands will mean that the difference in purchasing a £500k property vs. a £501k property would be £5k+, hence why I would be keen to stay within this price bracket.

Any insight you could provide on the above would be very much appreciated.

Kind regards,

Sashkinson

They'll ask you for any further info they think is relevant. And if you don't have a solicitor lined up then it doesn't sound like you really are "able to proceed ASAP".

csgohan4

No-one cares about your background and frankly would be offended if your trying to justify the lower offer, just offer what you think it's worth to you and take it from there, or it goes in the recycle bin

Nothing personal, it's business

Sashkinson

Thanks all - some good feedback, albeit some of it’s bit harsh but hey ho. Points noted!!

Is this redraft better?

Hi [EA],

Thanks for showing me round the [ ] property on Saturday.

I would like to make an offer of £500k on the property and would be able to proceed with this ASAP. As discussed on the weekend, I’m a first time buyer and not part of a chain, so would be able to move at the sellers’ pace.

I have an 85% cash deposit available for this and a mortgage in principle available for the remainder (able to forward through supporting documentation of this). I have instructed solicitors to act on my behalf who are able to proceed ASAP.

Kind regards,

Sashkinson

—————

Some comments, which would be good to have your advice on:

- I can go up to 515k - do I offer this now or later? I really want the property and my understanding that there are two asking price offers on the table both from people in chains. Obviously this may be estate agent BS but it is London and have been told from other sources that houses in that are can be sold within a week.

- I was specifically asked by the EA to specify proposition of deposit vs mortgage

- Is there anything further I should add/remove please? Thanks

greatcrested

Sashkinson said:

Hi [EA],

Thanks for showing me round the [ ] property on Saturday.

I would like to make an offer of £500k on the property and would be able to proceed with this ASAP. As discussed on the weekend, I’m a first time buyer and not part of a chain, so would be able to move at the sellers’ pace.

I have an 85% cash deposit available for this and a mortgage in principle available for the remainder (able to forward through supporting documentation of this). I have instructed solicitors to act on my behalf who are able to proceed ASAP. They are xyz and partners, of abc street, somewhere land.

Kind regards,

Sashkinson

—————

Do NOT provide details of your financial position - all that does is show the seller/EA how much they can push you up. Just say you have the finance for the offer you are making. The % loan is irrelevant (unless it's all cash/no mortgage).

Adding the solicitor details shows you are on the ball and ready to go, unlike many FTBs who don't know the process and take ages to take the first steps.

AdrianC

Sashkinson said:

Some comments, which would be good to have your advice on:

- I can go up to 515k - do I offer this now or later?

If £500k gets rejected, then offer it. But why offer before they've replied...?

I really want the property and my understanding that there are two asking price offers on the table both from people in chains.

So they're quite likely to be holding out for something close to £525k.

Obviously this may be estate agent BS but it is London and have been told from other sources that houses in that are can be sold within a week.

And how long has this been on the market...?

- I was specifically asked by the EA to specify proposition of deposit vs mortgage

Odd, but no reason not to humour them. Like I said, you'll have to go through it to qualify yourself anyway.

Sashkinson

Thanks all.

In that case I won’t specifically say re the finance situation.

The property has been on the market since late February.

Im nervous that they will automatically reject me and go with someone who has offered full asking - what is the protocol, will they have me a chance to increase?

Sashkinson

*give me a chance

NewShadow

I'd take out the asap bit and say something more like:

In considering my offer, I ask you remind the seller I am a first time buyer with a broker who has secured an approval in principle for the required mortgage and a solicitor who can start work once instructed; I am therefore happy to aim to complete to the seller's preferred timetable. 

Assuming the above is correct, of course... 

Mutton_Geoff

I think you are trying too hard to mask your inexperience with waffle. Just phone the agent with your offer. There is no point offering any information that can be used against you. For example, I doubt very much that the 15% mortgage represents 4x your salary so the agent will know immediately you have the financial capacity to go to the full asking price.

As Mark Twain once said, "It's better to remain silent and be thought a fool than to speak and to remove all doubt".

Moneyminded

IF there are a number of offers on the table the estate agent will speak to the vendors to put all offers forward and explain the situation, house to sell, FTB, cash offer, AIP, etc. It is then up the vendors to say if they accept any of the offers or if they want to go to best and final offers by a particular date. It's a waiting game and you just have to see whether your offer is accepted or not. If they reject your offer they may come back with a counter offer. 
Good luck