Buying a Property, Selling a Property and Making an Offer

1.     When buying a property or selling a property be aware of your facts, thoroughly research the area

2.     When buying a property inspect the property carefully for any flaws that might alter the price of the property in your favour.

3.     Get to know the vendor and the ‘lie of the land’ – why are they selling? what are they buying? and when are they moving. Get the story straight from them – what are the underlying reasons for their sale, the choice of the house they are buying and when they want to move. If for example, you are in a hurry to move and the seller hasn’t found a house to move into or a mortgage offer for that house, and would like to wait until the summer before moving – the seller will be less receptive to an offer. On the other hand, if the vendors have fallen in love with another property and are keen to buy it; school starts soon and they can’t wait to move, the situation is different and they may be more receptive to your offer. Similarly, if they are in financial difficulty and desperately need to sell their property, they may be more receptive.

4.     The vendor will probably have pitched their asking price higher than they are expecting to get- when you are buying a property haggling is definitely the name of the game!

5.     At the outset of buying a property, decide how high you can afford to go and do not go beyond that price.

6.     Make your position clear from the outset- if you do not have a property to sell, you have a mortgage in principal or are a cash buyer – your position is strong, especially if there is competition for the property – make everyone aware of your position from the start when buying a property.

7.     Check what is happening in the Property Market - you can only haggle effectively when buying a property if you know what the market is doing, for example, if the property prices are rising, it is a sellers market and you will not have much room to negotiate; if however, the property prices are dropping, it is a buyers market and you will have more room to negotiate. Check the property papers and internet sites for market news, regularly including the recent selling prices in the local area.

8.     Find out how long the property has been on the market – a property that has been on the market for a while and may have already had its price reduced, will present more of an opportunity for you to make an offer when buying a property.

9.     Find out how many other people are interested in buying the property and how many offers are already on the table. Sealed bids will be requested if there are a number of potential buyers and if this is the case you will have to pitch your offer above the asking price- be careful though not to pitch it so high that you pay over the odds.

10.  Once you have done your homework about buying a property – let the vendor and their agent know by asking the right questions. Let them know that you are well informed about the market and know the value of the property.

11.  Cultivate a ‘poker’ face , be friendly and confident in your negotiations but do not let on how much you like the property and let them know that you are looking at other properties in the area and are keeping your options open.

12.  Be in no doubt what you are offering to buy – get any fixtures and fittings that are included recorded in writing and make it clear that your offer is dependent on you getting these fixtures and fittings within the price.

13.  When making a written offer – make sure that it is clear that this offer is subject to contract, and if you have not yet had your survey carried out on the property, that it is subject to the results of that survey.

14.  Don’t be too clever when buying a property – if the property is reasonably priced and there are signs that there are a lot of people viewing the property and you really do want the property – don’t waste time by insulting the seller with a low offer – you  will not be taken seriously and may lose the property altogether.

At iconvey, we are specialists in conveyancing and Property Law with  many years of experience.   Our experienced and knowledgeable conveyancers  are always at hand keeping  you informed every step of the way.  We ensure that you are always aware of the costs at the outset with a transparent fee structure and no hidden fees.

You can obtain an instant quote for your conveyancing from this website, (just click here).  Our quotes are guaranteed, fully transparent and include no hidden extras for a normal conveyancing transaction.  Alternatively, simply call us on 0844 225 2061for more information or to discuss your particular needs.