How to get your offer accepted

First things first, you need to do your background research as the key to success is in the preparation. 

Here are some questions you could have a think about:

• How much are similar properties in the area selling for? How quickly are they selling? (If they are moving very slowly and going below the asking price and moving very slow, then you are in a stronger position to put in a lower offer)
• How long has the house been on the market, and has the asking price dropped since it was put on the market? (This could suggest that they are having problems selling)
• What's motivating the seller? Do they need a quick sale?
• Are you the only person who has expressed interest in the property? (If so, the seller will realise you are probably their only hope!)
• Is the seller using multiple agents? The estate agent will then be more likely to want to persuade them to accept a lower price, to guarantee they get the commission rather than another agent.

Having completed your research, the next stage is about how you position yourself in front of the estate agent.

Positioning yourself wisely with the state agent can work to your advantage. Estate agents aim to close deals quickly but also want the best price. Here's how to leverage this:

• Build a personal rapport with the estate agent.
• Be proactive and act like a serious contender.
• Be financially prepared.If you have your finances in place with a large deposit, then you will be much more attractive to the seller.
• If you are not in a property chain, either because you are a first time buyer or have already sold your home, make sure it is clear. The seller will then not have to wait for you to sell your house before you can buy theirs, with the accompanying risk it might all fall through.
• Consider flexibility in the completion date.

The first step is to speak to the estate agent. By law estate agents have to pass on every offer they receive to the seller, however ridiculous. Once the estate agent has passed your offer on, if the seller is interested, then the negotiations start (via the estate agent).

It is a good idea to put the offer in writing (a telephone call followed up by an email will be fine) in order to reduce scope for confusion or argument later.

Here are our top tips for when it comes to making the offer:

• Avoid extremely low offers; politeness is essential.
• Make sure you are clear with yourself on the maximum you will pay. Don’t let emotion take over (easier said than done).
• As with all negotiations, start low. A good rule of thumb, is to offer 5% to 10% lower than the asking price. Don’t forget that sellers often take this into account and deliberately put their house on the market for more than they expect or would accept.
• Play hard to get, but stay realistic. If you think the seller is desperate, it is not in your interest to appear too keen.
• Always offer a few more pounds and pence than a round number. For example, offer £375,050 rather than £375,000 just in case another bidder offers that round number.

Once your offer has been accepted, you’re almost on the home straight. Before cracking open the champagne, there’s just a couple of things to consider: 

•   You should be aware that even after an offer has been made and accepted by the seller, it is not legally binding on either side (in England and Wales; there are different rules in Scotland). In fact, until the exchange of contracts either party can still pull out (although as a buyer you might lose your holding deposit).
• Approximately 1 in 10 people have experienced the seller pulling out of the deal after accepting their offer because they have received a higher offer from elsewhere. This is called “gazumping”, which is more likely if your offer is on the low side.To help stop this happening, once your offer has been accepted, ask for the property to be taken off the market straight away. This can minimise the chances of additional offers coming in over and above yours and finding you’ve been trumped. They are not required to, but if they do this will prevent other potential buyers butting into your purchase.

For more information please feel free to reach out to us on 0116 269 6311 or via email info@furnleyhouse.co.uk