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When you’ve found the right property, you may wish to
make an offer.
The offer is normally presented to the
estate agent acting on behalf of the vendor. The agent is obliged by law to pass on all offers to the
vendor and cannot discriminate between different offers. |
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Before you make an offer.. |
Before making an offer
on a house, you should consider a number of
important factors. Your offer should take into account
the condition of the house, the local market conditions
and of course your budget.
Talk to the estate agent and ask how long the property
has been on the market and try to determine the position
of the seller, and how keen they are to sell. Also ask
the estate agent how much interest there has been in the
property and whether there have been any other offers.
If you've seen a property which is perfect for you and
within budget, consider offering the full amount and
don't waste any time doing it - chances are if the house
is perfect for you, it will also be right for someone
else!
The Vendor is more likely to accept your offer if you
have already sold your house and have finance
pre-approved.
The Vendor may also consider the length of the purchase
chain behind your property. If the sale of your property
is not dependent on the sale of several other properties
in the chain behind yours, you’ll be in a much stronger
position to negotiate.
If your offer is accepted the agent will ask for your
solicitor details and mortgage lender (if any) so the
purchase can progress. If your offer is near the asking
price, ask the agent to request that the property is
taken off the market. Many estate agents still offer the
vendor viewings even after an offer has been accepted!
In England there is currently no legal obligation for
the buyer or the seller to continue with the transaction
until exchange of contracts and either party is free to
withdraw from the process without obligation.
It is very common for an initial offer to be rejected
especially if the offer is well below the asking price
and if the house is new to the market. If your offer is
rejected, ask the estate agent for feedback as this will
hep you determine the level of a new offer if you wish
to persevere, The agent will normally have an idea of
the figure acceptable to the vendor, although they're
obliged not to divulge the exact amount.
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