So you have found the home of your dreams and are want to secure it, what happens next?
Before taking any action, you first need to take a moment to make sure you have the correct things in place and understand how you want to proceed.
Firstly and most importantly, before an offer can be considered or accepted, you will have to demonstrate to the owners that you are position to proceed. This will involve providing evidence that you have finances in place to purchase a property and confirm who you are. The government has implemented regulations to reduce property-related fraud and money laundering. Estate Agents, Solicitors and Financial Advisors are bound by law to follow these regulations.
Failure to prepare yourself before making an offer could lead to delays in agreeing on a sale, resulting in you losing out on your dream home. So it would help if you made preparations before you start to search, that way you will be ready to go when you find one. The most important step is to get your finances in order.
If you need to secure a mortgage, please be aware that it can take several weeks to get an appointment with a lender or financial advisor to talk about how much you can borrow and confirm you will be able to secure a loan. So, it would be best if you got this done straight away.
Once your finances are in hand, you are ready to make an offer. Now ask yourself this, are you prepared to lose out on this property? If the answer is no, then you should consider that when considering how much to offer. Take some time to look online at what other similar properties have sold for in the area, bearing in mind current market trends (are prices going up/down or staying the same).
There are always two sides to every negotiation, and the best outcomes are where each party feels like they have achieved their objectives. Ultimately, a property is worth what someone is prepared to pay for and what someone else is prepared to sell it for. As a buyer, only you can decide what a property is worth to you. It is important to remember, most homeowners will need to achieve a certain price to enable them to move on with their own plans, and it has to work for them also.
Most of us will be buying a home to live in for many years, so you should consider your financial position and what you can afford before deciding on how much to put forwards. Estate Agents are obligated by law to present homeowners with every offer received. They will provide advice to both buyer and seller regarding the best price, which is likely to be achieved in the current market.
The quickest way to find out what price an owner will accept for their property is to present them with an offer. You have to start somewhere, and discussions will soon flow from there until you reach a point at which it works for all involved.
Offer Checklist
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Finances If a mortgage is required to purchase the property, you will need to provide proof that a lender is prepared to lend the full amount of the agreed purchase price. Evidence in the form of a mortgage/decision in principle certificate can be obtained from the lender or financial advisor and will need to be supplied. |
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Identification Proof of identification and current address will be needed for each buyer. Photographic identification documents such as a passport or drivers licence will need to be provided along with a document which can prove you reside at your address. This can take the form of a document issued in the last three months to the address in the name of the buyers, for example, a utility bill, council tax bill, bank statement, etc. |
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Cash or Deposit A bank statement issued in the last three months showing the full deposit amount residing in the buyer’s bank account. If the deposit is being gifted by a family member or friend, then a copy of their bank statement with an accompanying letter confirming the gift will be required. |
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Proceeds From Sale If the proceeds from the sale of a property will be used to purchase another property, then details of the sale will need to be confirmed by an Estate Agent or Solicitor. |
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Conveyancing Solicitor Contact details of your nominated legal conveyancer will need to be provided and validated. If you have yet to choose a practice, we can assist by obtaining quotes on your behalf. |
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The Property Hive Estate Agents in Doncaster are here to help, so why not make use of our many years of experience and expertise, it’s free. Give us a buzz on 01302 24 77 54 if you want some advice about making an offer.
Not sure if you should have a survey, you may also find the following guide useful.
