There is no confusion at the moment, buyers are being careful when it comes to making an offer, both in terms of the offer amount and when the offer is made.
That is understandable in the current circumstances, but there are more and more properties becoming available that are proving very popular and create a lot of interest amongst potential buyers.
There are many factors to consider if there is competition with other buyers, so we thought it would be a good idea to offer our advice for this particular situation.
How a buyer deals with these circumstances will influence the final outcome.
Offer amount
Without doubt, the most important decision in deciding what to offer, is the amount. We are often asked by buyers what price to offer, our response is always the same ‘What is the property worth to you’. We act for the seller and we can’t tell a buyer what to offer, however we have found that popular properties and low offers don’t tend to end very successfully.
Make your offer quickly
Our advice is to always let the agent know if you are interested immediately after viewing a property. Some buyers may wait several days before letting the agent know that they are interested in a property. This strategy is risky because if you delay letting the agent know of your interest, an offer may already have been agreed.
Buying position
Being able to proceed immediately is vital, it is difficult to imagine any situation where a seller will wait for a potential buyer to sell a related property if other buyers are offering at the same time. So, if you have a property to sell and do not have a buyer at the time of making an offer, the chances of getting an offer accepted are very low.
So, if a buyer needs to sell a property in order to fund a new purchase, our advice would be to get an offer secured first.
Buyers who have an existing buyer or who are not selling a property to buy, will always be ahead in the race to secure an offer.
Finances
When making an offer, the finance side has a huge impact on the outcome. A buyer will be asked to provide proof of any mortgage agreed and the amount of deposit.
It is unlikely that an offer will be accepted if neither the mortgage or the deposit can be substantiated, so having this arranged first is very important.
Some buyers rent their existing properties instead of selling in order to buy another. If a deposit is being raised from the existing home, the agent will need to see two mortgage agreements instead of one.
Summary
This is just a small snapshot of general information; each seller and buyer are unique and this is by no means a ‘one size fits all’ approach and there are always different circumstances that can affect the outcome. We have seen so many buyers get an offer accepted, so we are in a good position to assist buyers get an offer agreed.
Working with a highly experienced estate agent in the Dartford and Crayford area like Livermores The Estate Agents is the best way to navigate the market.
Thanks to our extensive knowledge of the local property market, we can give you all the guidance and advice you need during viewings and negotiations to help reduce the likelihood of disappointment.
Visit our website at www.livermores.co.uk to learn how we can help you find your next or first home.
If you’re selling your home in the Dartford and Crayford areas, make us your first port of call. As experts in the local property market in Dartford, you can rely on us to handle your sale professionally and efficiently. For further information call our Dartford office on 01322228090 or our Crayford office on 01322 550777 or by email at sales@livermores.co.uk.