You normally know when you have seen the property that you really want to buy, and you start making plans for putting in an offer and arranging to turn your dream into a reality.
If you are looking for some inspiration and want to see some houses that will meet your criteria, contact Freeman Forman for more details on a property that you like the look of.
Once you have settled on a house that you would like to buy, you will obviously have to go through the process of putting in an offer that is acceptable to the seller, so here are some tips on how to keep the final steps of buying your new home as simple as possible.
Do your research
The selling agent will have done their homework and marketed the property at a price that is in line with current valuations locally and takes into account its location and other aspects that can affect the price.
It is perfectly normal for some negotiation to take place about the final price that you pay and a good starting point for ensuring that your offer is taken seriously is to do some of your own market research and seen what other houses in the area are selling for and how quickly they are going under offer from being advertised for sale.
How much to offer
There may be several potential buyers who are also looking at the property you want to buy, if that is the case, a bid that is too low could well take you out of the equation.
This is often a dilemma for buyers who want their interest to be taken seriously but don’t want to pay more than they have to for the house. The danger is if you offer a price that is lower than someone else, they might take the other offer instead.
The amount you offer is not just the only deciding factor in many cases, as your ability to move quickly, such as already having sold your current property or if you have nothing else to sell, can make you a more attractive proposition than someone else who can’t move as quickly.
What you have to remember is that the estate agent is legally not allowed to tell how much any offers they have received were for, but they may give you an indication such as saying that the other bid was close to the original asking price.
Work out your financial situation and confirm how you can get a mortgage for before you make your offer so that your proposed bid can be verified and you can be qualified as a serious buyer.
How to fast-track the house-buying process
Getting an offer accepted is the start of it, then it is over to the legal team handling your conveyancing.
You can either choose a licensed conveyancer or a solicitor with experience in property purchases, the main point to consider is that you want one that is efficient, good at communication and will charge you a fair price for their services.
Getting those three main criteria to align is not always that easy, but if you get recommendations for friends or colleagues based on their experience, it will help you to find someone who can get you moved in as quickly and efficiently as possible.
You might also consider the option of a firm who offers online conveyancing, as being able to view progress and answer questions more quickly will definitely speed things up.
Get your mortgage sorted
It is always a good idea to start your mortgage application before you have even found a property that you would like to buy.
A good independent mortgage broker can often save you some time and find you a suitable deal, as they will often know who to apply to, based on your eligibility and financial circumstances.
A broker will help you to collate all of the information required by the lender to get the mortgage approved as quickly as possible, and you can use an offer in principle as proof that you can afford to buy the property you are making an offer on, which will allow the estate agent to take your offer seriously.
Once your offer has been accepted and the buying process is well under way, one of the best bits of advice to remember is that you should never assume that things are being done, even if you haven’t heard from anyone for a week or two.
Get regular updates and chase up all the people in the loop, so that you can get the keys to your new home as quickly as possible.