The asking price does not always reflect a property’s worth. Be proactive and research the local market to get an accurate picture of what the house or flat should really cost.
Common reasons for offering less than the asking price include:
It’s worth bearing in mind that many people find selling their home very emotional and you risk insulting or upsetting them if you go in too low. Before putting in that cheeky offer, think carefully about whether the saving is worth risking losing your dream home – and whether you think you’re being fair.
If the property ticks all the boxes on your ‘needs and wishes’ list, it may be worth offering the asking price straight away – especially if you don’t intend to move again for several years.
Those competing with lots of other bidders might even want to consider putting in an offer above the asking price.
In fact, in thriving property markets where bidding wars are common, it’s more than likely you’ll have to bid above the asking price to land your dream home, so make sure you factor this into your budget.
When it’s time to make your offer, your research into the value of the property, your understanding of the seller’s circumstances and being clear about your own position (especially if you’re chain-free or are a cash buyer) are all invaluable.
You can make your offer to the agent either over the phone or in person at their offices. Either way, it’s worth also putting your offer in writing and agreeing a provisional timescale to work towards for completing the purchase.
Make sure that the price you’re offering is subject to a survey and getting a mortgage, so that after your offer is accepted there is still the opportunity to revise the amount you pay, and also state that it’s subject to the property being taken off the market and not being shown to anyone else.
Article originally by Which?
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