How Do I Place An Offer On A Property?

May 10, 2024

How Do I Place An Offer On A Property

Have you found your perfect first home or just starting to explore the property market?

You don’t want to let that property you fall in love with go to someone else! Placing an offer can make or break your chances. Knowing how to offer correctly is crucial to buying a home.

If you have no idea where to start when it comes to offering on a home then we’re here to break it down:

Show Your Intent To The Estate Agent

Once you have found a home that you love and picture yourself in, make sure you inform the estate agent of your interest in the property.

By expressing your intent, you appear keen to the seller and estate agent. You don’t need to divulge your financial position at this point, just make sure you have your deposit ready to go.

At this stage you can also consult with your broker, verify interest rates, calculate monthly repayment so you can be confident that you can afford your monthly repayments on the property you have found.

Submit Your Offer in Writing

When you’re ready, submit your formal offer in writing, this can be on paper or through an app.  The estate agent will make it clear the correct process for them at the time.

Your offer should clearly state the amount you’re willing to pay.

Highlight Your Advantageous Position

At this time, be prepared for a ‘bidding war’.  If the seller has multiple offers, they may ask you to offer more on the property.

If you have reached your limit, then use your first-time buyer position as a selling point too.

First-time buyers are particularly appealing to sellers who want to avoid lengthy chains and potential delays. In some cases, this means more to a seller than a higher offer.

Offer Accepted

Once your offer has been accepted ask the estate agent to withdraw the property from the listings or state that the property is sold under contract.

At this stage, you need to contact a conveyance so they can start work on the legal side of the purchase.

Finalise Your Mortgage Application

Now that your offer has been accepted, you need to contact your mortgage broker and make them aware your offer has been accepted.  One you have done so, your broker will start work on applying for your formal mortgage offer.

This is where we (UKMC) come in to guide you through the mortgage finalisation process.

Agree on Fixtures and Fittings

Work with the agent to establish a written agreement detailing which fixtures and fittings will be included in the sale.

This way you know what they sellers will be taking and what is staying within the property such as light fittings and blinds.

Receive expert first-time buyer mortgage advice!

At UKMC, we believe that purchasing your first home should be a celebration about hitting one of the biggest milestones in your adult life.

However, complex jargon and complicated processes can make this cause for celebration feel stressful for first-time buyers.

That’s where our team of expert mortgage advisors can help.

No matter what, we can help you to explore all your mortgage options until you find the best arrangement for you.

Our first-time buyer services involve searching through thousands of mortgage products from many different lenders to help find the best deal to suit your specific requirements. From low deposits to interest rates, we can help you to navigate through the entire property-purchasing process with ease.

To find out more about our mortgage advisor services or how mortgages work for first-time buyers, please feel free to reach out to our knowledgeable team today to arrange your appointment with one of experienced mortgage advisors.

Our family-run business is based in Warrington, so you can either pay our friendly team an in-person visit or get in touch by calling us on 01925 573328.

Alternatively, you can book your own appointment directly on your preferred time and date here – we look forward to hearing from you soon!