Making an offer on a house
Inform the estate agent. Make your offer to your estate agent over the phone or in person.
Email your offer. Follow up, submitting your offer in writing and check your estate agent has forwarded it to the seller, as it’s their legal obligation to do so.
Emphasise the factors that make you an attractive buyer. If you’re a first-time buyer, cash purchaser, chain-free, or already have an offer on your own property, you could be in a better position than other potential candidates.
Follow up on your agreement. Offer accepted on a house? Congratulations! Just check in to confirm the listing is removed and there are no further viewings.
Once your offer has been accepted, start working on your moving house checklist.
Mastering sealed bids
Sealed bids aren’t just for auction property sales. When there’s high demand for a property, sellers might ask potential buyers to submit sealed bids. Each bidder puts forward their best offer by a specified deadline without knowing what others are offering. Each potential buyer can only submit one sealed bid, which means they cannot change their bid based on competition. The seller then chooses the best bid, which might not always be the highest one – as other factors such as being a cash buyer could impact their choice.
When it comes to deciding your bid, it’s smart to check out the local scene. Sealed bids often settle at particular percentages above asking price in different areas. Take a peek at any similar properties that didn't sell - it might give you an idea of the price ceiling in your area. Also, keep current mortgage rates in mind, as they might limit how high other buyers can go.
Want your bid to stand out? Include contractor quotes for any work needed - it shows you've really done your homework. Share details about your conveyancer's workload too, as it proves you're ready to move quickly. If you're planning to restore a period property sympathetically or maintain its character, don't be shy about sharing these plans - some sellers care deeply about their home's future.