Buying a property? Is the highest offer always the best offer? Why price isn't the whole story 📚
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Finding the right property is one thing, securing it can be another! 🔑
When you find a home you really want, the amount you offer obviously matters. But sellers and their estate agents will also want to understand exactly who is making that offer and how ready they are to proceed. So, how can you give yourself the best possible chance?
🔍 STEP 1: Do your homework
Before deciding what to offer, understand what you're buying.
Look at the asking prices and, importantly, the SOLD prices of comparable properties of a similar size and type in the area.
This helps you understand the local market and make an informed decision about what you believe the property is worth.
Then establish something equally important: what's it worth to you?
Propertymark recommends setting your limit and avoiding offering more than you can afford or believe the property is worth.
Preparation gives you confidence when the negotiation begins.
💷 STEP 2: Get your finances ready
If you're buying with a mortgage, speak to your lender or mortgage adviser and obtain an Agreement in Principle, ideally before you begin your property search.
Make sure you're clear about your deposit and have the relevant financial information available.
The estate agent will also need to undertake identification, anti-money laundering and due diligence checks and may ask you for proof of funds.
Having everything organised means that when the right property appears, you're ready to act rather than starting to arrange your finances afterwards.
🎯 STEP 3: Decide how you're going to offer
Broadly, Propertymark identifies two approaches:
1️⃣ Make a strong first offer, demonstrating that you're serious and potentially avoiding a drawn-out negotiation.
2️⃣ Start lower, leaving yourself some room to negotiate if the seller says no.
Neither approach guarantees success.
The important thing is knowing the market, knowing your maximum and deciding how disappointed you'd be if somebody else secured the property while you were negotiating.
🤝 STEP 4: Make your position part of your offer
Your offer isn't just a number, the seller will also want to establish your circumstances.
For example:
🔹 Are you a first-time buyer?
🔹 Do you have a property to sell?
🔹 If so, is it already under offer?
🔹 Are you part of a chain?
🔹 Do you have an Agreement in Principle?
🔹 Is your deposit available?
🔹 How quickly are you able to proceed?
🔹 Do you have any particular timescale requirements?
Propertymark specifically highlights that first-time buyers with no chain can be attractive to sellers and recommends making a strong buying position clear.
📞 STEP 5: Communicate!
Property is still very much a people business. Propertymark recommends building a good relationship with the estate agent and acting quickly when you see a property you're interested in.
From our perspective, we'd add:
🔸 Attend viewings when agreed.
🔸 Be open about your circumstances.
🔸 Respond when information is requested.
🔸 Let us know what you're looking for.
🔸 If you like a property, tell us!
STEP 6: Don't hang around if you've found 'the one' 🏃
If you genuinely like a property, being proactive matters. Arrange the viewing. Ask the questions. Speak to your lender or broker. And when you're ready, make the offer!
Propertymark specifically advises buyers to act quickly, noting that sellers don't want time-wasters.
That doesn't mean rushing into the wrong decision, it means being ready to move when you've made the right one.
Remember... Sellers aren't necessarily considering just the price 💰
STEP 7: OFFER ACCEPTED! 🍾
Fantastic! But don't put your feet up just yet, this is where the work begins. In England and Wales, an accepted offer isn't legally binding until contracts have been exchanged.
Propertymark therefore recommends asking for the property to be taken off the market once your offer has been accepted, helping to reduce the opportunity for further offers to come forward.
Then keep the momentum going:
🔹 Instruct your solicitor or conveyancer promptly.
🔹 Progress your mortgage application.
🔹 Arrange any survey you require.
🔹 Provide requested documentation quickly.
🔹 Stay in contact with the estate agent and your conveyancer.
🔹 Work towards a realistic target for exchange.
Getting an offer accepted is a big milestone, getting the keys requires focus and attention throughout the conveyancing process.
🌸 The Cavendish perspective
When buyers ask us, "What do I need to offer to get it?"
Sometimes the answer isn't simply another £1,000.
A strong offer combines price with position.
Do your research. Get your finances organised. Know your limit. Make your circumstances clear. And when you find the right property, be ready to act.
Ultimately, it's the seller who decides which offer to accept, it's our role to make sure they understand both the offer AND the buyer behind it.
Source: Propertymark, the UK's leading professional body for property agents.
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk