You have found your ideal house, you are about to offer an offer – but there are other interested parties. Here is how you can ensure that you stand out for other buyers
If you have found the perfect building, it makes sense that it probably also checked the Dream Home section for other buyers. So how do you ensure that your offer is the one who has been accepted?
It is not just a matter of coincidence sellers are looking for a buyer who is reliable, who is ready with a mortgage and is ready to go. If you can add chain-free and a buyer of cash to this list, you will probably stimulate your login details non-end, this is not realistic for most of us.
If you want to get the lead Emily Smith, mortgage expert at Mojo Mortgages has offered seven strategies to help you stand out in a Web War of Real Estate.
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Lead with your strongest offer
If you start offering your best price in the beginning, you may be able to avoid the stress of a bidding war. If someone goes higher, you know it’s time to walk away. Smith said: “This can be less stressful than bidding in small steps, which can sometimes lead to buyers in the temptation to discuss their budget.”
With research by which one? Show 41% of the 18 to 24-year-olds have one application application Rejected, it is vital that you do not overtake your hand with an offer that you cannot afford. So make sure that your offer falls within your budget.
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In principle, get ready with a mortgage
Before you have to be in Huizenjacht, you must in principle apply for a mortgage (MIP), Smith advises. Also known as a decision in principle, it is a document that indicates how much you can possibly borrow to buy a property.
“Although it is not a guarantee that you can get a mortgage for the same amount,” Smith explained, “it shows sellers and brokers that you are a serious buyer. You can put this in a great position if you have it against other potential buyers.”
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Offer an odd number
This may sound a bit strange – but there is science in it. Psychological studies suggest that ‘more accurate’ can mean that an offer will be accepted earlier.
Smith explained: “Sellers can attach more value to a specific number instead of a round number, suggesting that you have chosen a figure from random instead of working out those figures.
“So, instead of offering a nice neat £ 250,000, consider trying £ 250,500 instead.”
Smith’s top tip for this step is to add a accurate figure on top instead of falling under it, in case another buyer offers the obvious round number.
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Be flexible with the seller’s timeline
It’s not just about the money, Smith said. Sellers also welcome a stress -free, simple process. If you can know when and why they want to sell, you can use this to your advantage.
“This,” Smith explained, “could help you to offer flexibility, which may convince the seller to choose you over other buyers who may have their own fixed timelines in mind.”
This can work in both sides, while some sellers have one Fast -sale There may be others who need extra time and would like to be a patient buyer.
Being free can be cheap here, because you will not have extra pressure from your own buyer to worry about. However, the most important message is to investigate the seller’s situation and to be as useful as possible.
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Respond in communication
Although you should not hurry your decision, the seller will not hunt you, Smith explained. Indeed, waiting too long to introduce your offer is a certain way to lose the bidding war.
Smith said: “Poor communication is a big red flag. This gives the seller an idea of what it will be like to handle you during the entire process.
“It is also worth remembering that brokers play a key role, so although they cannot influence the sale, it doesn’t hurt to be polite and pleasant to deal with.”
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Sell yourself … but be realistic
Smith thinks that some homeowners may be more motivated to sell to a buyer with whom they make contact.
As such, she proposes to include a short note in your written offer to the broker in which your position is explained and why you want to buy the house.
However, there is a word of warning. “Exaggerated emotional letters can feel manipulative and it is probably unlikely that they will even agree with the seller,” Smith advised. “Stay with the facts and mark why you would be a great, reliable buyer. For example, if you are a first buyer or come to the sales chain, make sure that your seller knows about it.”
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Be a ready-made copper
If you are literally ready to go, you have a huge advantage. First buyers already have the lead here thanks to being free from chain.
Smith said: “Sellers love a smooth sale and a chain -free buyer reduces the risk of delays or deals that continue.”
For those who are already on the real estate ladder, Smith said that your offer will be accepted earlier if you have already prepared a buyer for your current real estate.
She added: “It is not unheard of for some buyers to sell and go to rental accommodation before they are looking to improve their chances to secure their perfect home, although this comes with his own risks. Our guide about How to buy and sell At the same time it goes more in detail. “
And one last advice …
Even if you have fallen in love with a house and you work on offering the best offer, you don’t pin all your hope for this alone.
Smith said: “Keep house hunting, even if you are in the middle of a bidding war. It is so easy to get fixed on a great property that is ‘the one’ who can lead to the budget to secure it. But there are many other houses that are there!
“You may like that you like just as much, with less competition.”