Preparing to submit your offer
Although it’s not common to find your ideal property on the first day of your search, it can happen. Be prepared.
Fixed price properties
When you see a Property advertised at a "Fixed Price" this generally means that the first written offer at the Fixed Price in acceptable terms will be accepted. So if you see a property that you like you should move fast and consult your solicitor.
You should note however that if two or more offers came in at roughly the same time the Seller could still set a Closing Date. In a slow market there is a much greater chance that you will be able to secure the property for a figure some way below the Fixed Price. Be sure to seek the guidance of one of our experienced solicitors before making your final decision.
Offers over vs Offers around
What is the difference between "Offers Over" and "Offers Around" a certain figure? In practice we have found that there is little or no difference. When the market was at its peak sellers advertised their property at Offers Over a certain figure and fully expected to receive offers well in excess of that asking price. In a slower market however we have found that the asking price is being seen more as a "guide price" and frequently the first offer that you make will be some way below that price. That is why it is critical that you seek advice from a solicitor who is experienced in the market.
The level of your offer will depend on a number of things including :- (a) the size of your budget (b) prices achieved for similar properties in the area, (c) the amount of interest in the property, and of course how badly you want to buy that particular house. How long the offer is left on the table is at your discretion. This is something that can prove vital to securing your desired property.
We will happily meet with you to discuss your offer strategy to ensure that we get the best deal for you. Arrange an appointment: click here
Noting Interest
If you see a property that you interests you contact us immediately and we will note an interest for you formally by contacting the Selling Agents. This does not commit you offering for the property nor does it incur any cost if you instruct Hunters Residential. Noting interest is a way of ensuring that the Sellers solicitor does not sell the property to another party without first giving you the chance to submit your offer at a Closing Date.
However it should be noted that noting interest is not a guarantee that you will have an opportunity to make an offer on the property as the Sellers are not obliged to set a closing date and may accept an offer from any party at any time.
Closing dates
If more than one party has Noted Interest in a property the selling agents will usually set a Closing Date for offers. They will notify your solicitor by telephone that they are asking all interested parties to submit their offer in writing by a certain time on a specified date (frequently 12 noon on a Friday).
You will normally be advised how many other parties have noted an interest but you will have no idea what they will be offering and it is at this stage that you must decide how much you are willing to offer depending on the valuation and level of interest. The Law Society has issued Practice Guidelines about Closing Dates and we have to follow these. This means that if we make an unsuccessful offer for you at a Closing Date we cannot then make a revised offer or amendment unless the Seller's solicitor expressly invites us to do so.
First time buyers
Also remember that first time buyers are more attractive to sellers as they are not normally part of a property chain and the risks that go with this. And do ensure that you factor in the time it takes to get agreement from your mortgage lender to enable you to be in a position to make an offer. If you're in any doubt about this, our financial advisers will be able to guide you.
Click here and one of advisers will get in touch with you.
