Act decisively and quickly as soon as all your upfront preparations are done.
Informally ask the agent whether the seller may consider an offer below the asking price. Bear in mind though that the agent has the seller’s interests at heart.
Do not be scared to submit an offer that you believe is fair, even if it is below the asking price (depending on market conditions, most properties normally sell for a little bit lower than the asking price). If the seller does not accept your offer, you can always revise it. Be aware that you may have to engage in a few rounds of negotiation.
It is important to present well to the agent and the seller. So, let them know that you are fully prepared and have done all of your upfront homework.
Always confirm your verbal offers in writing, for example, by sending a supporting email to the agent, and remember to add any conditions you want to put on the offer (if you have any).
Be aware of your legal rights – the agent is obliged to present your offer to the seller, but they may want some evidence that your offer is serious. ALSO: Agents often encourage buyers to use their preferred mortgage brokers and solicitors. This is up to you, but agents are not legally allowed to disadvantage you if you decline their recommendations.
Once you have submitted your offer
Well done for getting this far. The agent and seller could take anything from a few hours to a few days to respond. While you are waiting, think about how you would respond if your offer is rejected. Importantly, be clear of what your upper spending limit is and be very cautious not to increase your offer to a value that you may later regret.
If your offer gets accepted
Congratulations! Check with the agent what information is needed from you and ensure that you get the paperwork done as quickly as possible to minimise the risk of the seller withdrawing. Encourage the agent to remove the property from Rightmove, Zoopla, and OnTheMarket, although they are only likely to do this when the Terms of Sale have been signed.
If your offer gets rejected
So sorry this hasn’t worked out for you (yet). If you are considering increasing your offer, be clear of your upper limit and don’t exceed it. You could also point out any particular advantages that you may have. For example, not being in a chain, being a cash buyer, or only needing a small mortgage. Remember that sellers and agents look for assurance that the sale will not fall through as much as they look for a good price.
What would you like to offer?
Enter the property price, and your offer price to get a quick overview of what this property will cost you per month
DISCLAIMER
The outputs of this calculator serve as a GUIDELINE only. It is based on the information you have provided. Stamp duty is calculated based on your stated purchase type, and it assumes the buyer(s) are UK residents. The calculator makes no assumptions about the maximum loan to value constraint a lender is likely to impose. The income requirement is a guideline, and it assumes that a lender will lend between 3.5 and 4.5 times the stated annual income. The actual amount that a lender would be willing to lend will depend on your circumstances, the property you intend to mortgage, and their lending criteria. A mortgage in principle, which you can obtain through your mortgage adviser or directly from a lender, will give you a more accurate estimate.