How to maximise your chance of having a lower offer accepted
As we approach the autumn with the election behind us, bank rates remain high and an Autumn Budget is to be announced on 30th October. There are still many opportunities to buy well, with more opportunities to refurbish than we’ve seen in years.
However, premiums are still being achieved for the best villages and scarce properties that will always attract buyers, whatever the market conditions.
It is important to remember that a house is only worth what someone is prepared to pay for it. Just because a particular asking price has been set, it does not mean that it’s at the ‘correct’ value.
What to consider when making an offer
Considerations such as the seller’s circumstances, the location of the property, and whether or not there are major works that need doing, are all critical.
With this knowledge, buyers are in a much stronger position to make an informed offer, whether it’s at the guide price or below. Go too low however, and there is a risk of losing out entirely – which is where the benefit of having a buying agent on your side really comes in.
Our tips include positioning the offer in the best possible light, explaining the context and specific circumstances. Cash buyers, for example, are in a particularly advantageous position in the current market.
The highest offer doesn’t always come out on top
Most vendors, particularly those who need to sell quickly, are choosing the buyer who is in the strongest position to proceed over the one offering the highest price. This is because with funds ready in the bank, cash buyers can move forward quickly and there is a lower risk of the sale falling through.
Another important factor to consider is whether you are happy to be flexible on a completion date. Exchange can take place as soon as it can be dealt with, but a long completion date can give a seller the time they need to find something else to buy. This also makes them a proceedable buyer, putting them in good stead for their onward purchase.
If you’re thinking of moving home this autumn, we can help you find the best property, negotiate the right price and oversee the entire transaction on your behalf. For an informal chat, call us on 07776 452 128 or email info@propertyacquisitions.co.uk.
