Wednesday, December 19, 2007

Step 6: Make an offer

I am not sure what to advise here. What we did was go to see a place again and double check we liked it. Then we went to a hotel and sat over a coffee and decided to put in an offer and decided what we would offer, and what our max price we'd pay was. (As it turned out both were the same).

We rang the agent and said that we would like to make an offer. He said he doubted the owner would accept it. We said to ask them anyhow, it was the only offer we would be making.

He told us it would be 2 or 3 days before we heard.

He rang after 4 and told us they would sell for an extra X thousand. We stood our ground and said thanks and goodbye. They said hold on, we want to think about it for 24 hours. They took 36 to come back and accepted our offer.

Now, I have heard a million stories about the whole offer process and here are my thoughts:

  1. Decide your max before looking at houses and don't increase it because the house is especially nice.

  2. Offer under the asking price. Especially now in the current market, but do so anyhow. What have you got to loose?

  3. Don't be scared by there being another offer in. There are lots of houses to go around and the chances 50/50 on most offers actually existing.

  4. Stay in control. It is you who has the money, so you call the shots.

Also remember - I have never bought a house before (or this one yet) so this is only my thoughts after my vast experience - decide for yourself.

Once your offer is accepted you have a few days to sort out getting your booking deposit to the estate agent. If you have already sorted out a solicitor you may want to do this through them.

At his point you should let your Bank or mortgage adviser know.

No comments: