After finding the perfect home, how do you give yourself the best chance to secure the purchase? What if there are multiple offers, how do you stand out?
When it comes to property, everyone that you speak to seems to be an expert. Be it the well wishing parent, offering their gems of advice from when they last moved (a couple of decades ago!) or your colleague who could have just got lucky when they bought! The property market in the Richmond borough is still low on supply and we wanted to share our opinion on how you can present an offer in the best possible way to give you the strongest possibility of having your offer accepted.
Surely it's just about the money? If you offer the right number that the seller wants, they accept. That's all there is too it, right?
We can't deny that money talks, but with our extensive experience we have seen plenty of examples when there is so much more to it than this. Selling a home is an emotional process, and every seller will have their own agenda.
Money may well be the key motivator for your seller, so make sure that you don't hold back should you have found the perfect place & the spending power to agree the purchase, but there are a number of other factors that will potentially help you out depending on the situation.
Try to find out from your seller, or from the agent, what your sellers situation is. Are they in a rush to hit a certain move date? Do they need flexibility? Try and understand what will be attractive to them. Whilst some sellers will want a buyer who is keen to complete quickly, others will want a buyer who can be patient to their needs, be it that they haven't secured an onward purchase yet, or that they are older and haven't moved in decades, the pressure of a quick sale may be enough to put a seller off working with you (particularly if there are multiple offers that they are choosing from!)
Whilst being a true cash buyer (no mortgage requirement) is undeniably the strongest position in this respect, the majority of purchases in the England are completed with a mortgage. Most recent figures from January 2023 came out showing 71% of purchasers used a residential mortgage. Demonstrating as part of the offer that you have an 'agreement in principle' for the mortgage will give confidence to sellers that your offer is financially robust. If you have a higher than average deposit it would also be wise to share this as part of your offer - the lower the 'loan to value', the less risk averse the mortgage lender is likely to be.
This is something that you will have little ability to influence but can be a big consideration for sellers. Being chain free (not relying on the proceeds of a related property sale) is always the optimum position to be in. If like many you do have a chain, know the strengths of your chain and present this as part of the offer. Things that will be useful to share would be how long the chain is (is your buyer also selling a property?), how well advanced the process is, and any other useful pieces of information (i.e that your buyer doesn't require a mortgage).
Depending on the seller, these can have a noticeable sway, or could just be white noise, but there's no harm in including anything that may 'tug on the heart strings!'. Did your mum and dad grow up on that road? Do your kids go to the school around the corner? Is there a particular feature of the home that is extremely personal to the seller but that you could relate to? Share something personal and you never know.... it might just give you an advantage!
Once you have formulated what you consider to be the perfect offer for the seller to receive, ensure that it is put in writing to them, or to the agent instructed to manage the sale. You don't want any part of your offer being left out or mistaken! Just try and remember that every sale is different, every seller is different. Tailoring your offer to suit their needs will be sure to give you an advantage.
Whilst supply of properties in the Richmond Borough has gradually increased over recent months, we are also seeing more buyers returning to the market as mortgage rates drop, and we have seen a number of properties in competitive offer situations. Being armed with how best to present your offer may just give you the edge. For any additional advice on buying, or selling a property within Richmond, Twickenham, Teddington or the surrounding areas, please get in touch with us at Bartlett & Partners on 02086141441.
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