Searching for a new home can be stressful, and losing a property that you loved because the homeowner went with another offer can feel frustrating. If you find yourself in a competitive market where multiple prospective buyers could be putting in offers, there might be some ways you could make your offer more attractive, and not all of them involve offering more money.
Here are six changes you could make to your property offer that might help you secure your next home.
1. Get an agreement in principle
You can apply for an agreement in principle with a mortgage lender, and you can often complete the form online and receive the results within minutes. The document will show how much you’re likely to be able to borrow from that lender based on the information you’ve provided and your credit score.
While the amount listed on an agreement in principle cannot be guaranteed, it could provide sellers with confidence in your offer and show that you’re serious about buying a property.
As a mortgage broker, we could help you compare lenders and assess which one suits your needs. Choosing the right lender for you might mean you’re able to borrow more or access a lower rate of interest. Please get in touch if you have any questions.
As well as the agreement in principle, getting the rest of your paperwork in order could be beneficial. Having your proof of deposit and ID to hand could demonstrate you’re ready to act fast.
2. Be chain-free
Being part of a long property chain means there’s more risk of the sale breaking down or delays occurring. So, if you’re chain-free, be sure to tell the buyer this information, whether you’re a first-time buyer, cash buyer, or not selling your current home to purchase a new one.
If you’re in a chain, you might want to consider whether it’s possible to become chain-free if you’re in a very competitive market. However, there are pros and cons to weigh up. For example, if you sell your home and rent while searching for your next property, the additional costs could outweigh the benefits.
3. Make a sensible offer
Of course, the amount of money you offer to purchase the property is going to play a big role in whether a seller will consider it. So, take some time to think about what you’re willing to pay and make the offer a sensible one.
Everyone wants to get the best deal possible, but if you offer significantly under the value of the property, it could turn the seller off and mean you miss out. Likewise, if you’re negotiating a price with the seller, consider if it’s worth it – could you lose a home you love over a relatively marginal amount?
4. Engage the services of a solicitor
Similar to securing an application in principle, finding a solicitor you want to work with before your offer has been accepted could signal to the seller that you’re ready to move quickly.
It also means you don’t have to scramble to find a professional that’s right for you. Instead, you can take your time, check reviews, and understand their fees before selecting a firm to work with.
5. Tell the seller if the completion date is flexible
Sometimes when selling a home, it can feel like there’s a lot of pressure to quickly find your next property. So, if you’re flexible with the completion date, this might be a bonus to the seller. It could mean they don’t feel like they’ll be rushed into buying a property that’s not right for them.
6. Remember, there are other properties available
Set a clear budget and stick to it. As tempting as it might be to stretch your mortgage or offer more in a bid to secure the property, consider if it’s realistic first. While it can be disheartening to find out a seller has selected another offer, remember, there are other properties and keep searching.
Contact us to get mortgage-ready
If you’re searching for your next home, we could help get your mortgage application ready. It could make the process less stressful and allow you to present a strong offer when you find the right property. Please get in touch with us to talk about your mortgage.
Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
