Submitting a bid on a property can be thrilling yet overpowering. However, you can rely on our team of mortgage consultants to help you navigate through each phase of the process. The instinct to bag the house at the most affordable price is perfectly understandable, but approaching negotiations with strategic wisdom is also crucial. While an initial offer that aligns closely with the asking price might get accepted, the goal is to identify that seller’s “magic number” -their minimum acceptable price. Let our mortgage professionals assist you in smoothly sailing through these negotiations and striking a balance that suits all parties.
The advisable course of action when you intend to buy a new house by selling your existing one is to have your property sold before placing a bid on the new one. However, if you’re not actively house hunting and a particular property happens to catch your eye, it’s okay to show your enthusiasm and visit, but try to refrain from discussing price details at this stage. This would only place you in a weaker bargaining position. Even if a tentative pricing agreement is reached, chances are the seller’s estate agent would counsel them to keep the house listed, rendering the negotiation fruitless.
Establishing a relationship with the seller can often work wonders. When selling property, emotions can run high. If you’re intending to raise your family in a house that has been home to the seller’s family, sharing your future plans can forge a bond. Avoid critiquing the property during discussions, as it’s unlikely to be in your favour. For instance, if the house doesn’t feature double-glaze windows, the seller is probably aware of this.
There’s nothing wrong with inquiring gently about the seller’s future plans, provided you do so respectfully. Asking them if they have identified their next home or their reasons for moving may shed light on their willingness to consider a lesser offer. It’s often effortless to engage people in conversations about themselves, and doing so attentively could fortify your bargaining power.
Being a first time buyer in Middlesbrough without a housing chain can present you as a desirable buyer. This is particularly true if the seller is in a hurry to move. Remember, if your starting offer is accepted, you might have pitched too high. Therefore, bid lower than your actual budget.
Date Last Edited: February 8, 2024