How to Make an Offer on Your Dream Home [VIDEO]

Video Transcription

Hello, my name is Ian Harris from NAEA Propertymark and I’m an estate agent based up in Norwich. And I’m going to talk today about putting an offer forward to purchase a house. It can be quite a big thing so here are some tips and guidance to hopefully help make the process smooth.

So first thing preparation. The more you can the better it is, so that you go into the whole process comfortable and confident. And doing your research on other properties in the area so that you’re comfortable that the price that you’re going to pay for a particular property is the right one. And so looking at other properties in the area; a similar size, a similar type so that you understand the pricing in the area is really, really important.

The other thing to do is to start getting your documents ready. So working out where your money is going to come from and having that documented, so you have proof of funds. Speaking to your mortgage adviser and ideally getting a mortgage agreement in principle in place. So that you can say to the estate agent I’ve got the money organised.

And also ID, so you or if you’re purchasing jointly, the two of you. You will need to produce ID to the estate agent. That’s new legislation that has come in very, very recently so don’t be surprised to be asked.

The next thing to do, of course, is getting that offer put in. So ringing the estate agent or going into the office and it's done verbally, usually, is the next step in the process. So the estate agents going to take all the information down. Ask you about where the money is going to come from and there may be conversations to go on about how quickly you can go ahead with the purchase as well.

Then the estate agent’s role is to then, having got all of that information, put the offer forward to the seller. And so that conversation will go on and then the estate agent will come back to you, and the there’s that moment of truth. Is it a yes or is it a no?

If your first offer is accepted that’s a very definite champagne moment.

But if it’s a no, then you can always go back, reconsider and I’d suggest actually perhaps not making your best offer first off. So if it is accepted, fantastic news, but if not you’ve got some scope to increase your offer to perhaps a more attractive level for the seller.

In that whole process, the estate agent may offer you some assistance with, perhaps, mortgage or solicitors or other advice along the way. Now you’re not obliged to accept those services and if you’ve got your own arrangements in place, that’s fantastic. But the estate agent’s there to help you to buy that house, so if there are things there that you think, actually I could do with some assistance there then take it from the estate agent and hopefully that will result in the whole purchase getting agreed and then you moving into your dream home in the not too distant future.

But all that preparation you’ll have done in making an offer will help the whole process go rather smoother and rather faster than it might’ve otherwise have done had you not done all that preparation.

 

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