Securing your dream home at the right price can be a tactical affair, a game of cat and mouse with potentially costly pitfalls around every corner.
Making an offer on a house is easy, right? You know your budget, you’ve checked the asking price, you’ve watched the same episode of Location, Location, Location twenty times to channel your inner Kirsty and Phil and you’re ready to pick up the phone.
Well hold on a second, because it’s not as simple as you think - there are many things to consider when making an offer on a property.
Securing your dream home at the right price can be a tactical affair, a game of cat and mouse with potentially costly pitfalls around every corner – but worry not, Jeremy Trott, Director at Hockeys has these top tips…
Make Sure You Are An Attractive Buyer!
Money doesn’t always talk when you’re putting an offer in on a property – it can pay to be the most attractive buyer rather than the wealthiest. Having a small chain and flexibility can trump a higher offer with a larger chain and the risk of delays.
Take a vendor of ours who regretted eschewing a cash offer in favour of a £10,000 higher bid from a buyer with a lengthy chain. The messy nature of that chain meant no one wanted to sell to our vendor as she had become an unattractive buyer. With many bumps in the road, we manage to get her sale through, but her house hunt was long, drawn out and stressful because she’d opted for the highest offer over convenience and regretted her decision even after the sale had completed.
Stand Out Buyers Win!
The job of the estate agent is to choose the best buyer at the best price for their client – so if you’re tardy sorting out your finances and can’t prove your deposit is ready and available, you’ll drop down the pecking order. You need to stand out! That means getting your finances in order and your proof of deposit ready. Show the agent you mean business, that you’ll be efficient buyers and are ready to proceed.
Best and Final Offers – Don’t Let Heart Rule Head
The Cambridge housing market has been thriving for some time – things move quickly, many houses go for way above their asking prices and bidding wars often ensue. The result of all this is the best and final offer scenario - where all prospective buyers are given a date and time to submit their best final bid.
Our advice at Hockeys is decide what the property is worth to you and only make an offer that you’re comfortable with. In a best and final scenario it is very easy to get carried away, let heart rule head and overstretch to try and secure that dream home. Set a price, stick with it and don’t forget, it is not always the highest bid that wins. Specifying that you are an attractive buyer due to a small or no chain, having a stable financial situation and proof of deposit ready will all work in your favour.