Looking for a new home can be a difficult and anxious time and it helps to have some helpful hints for putting in a bid and being successful.
Putting in a bid
An estate agent will normally do this on your behalf, because by law they have to pass on any offer they receive to the seller. It’s good practice to place a bid in writing as well, following an email or phone call. If the seller is interested, then the negotiation process can be initiated through estate agents. As an agent works for the seller, you may feel there is no one else to act on your behalf. Often buyers will hire a buyer’s assistant to assist in the negotiation process.
A lower bid is more likely to be accepted if:
The property has been on the market for some considerable time
If the seller needs to move quickly
The completion date suggested by you works well for sellers
If you are able to move quickly and have the funds available immediately
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Tactics for bidding
The bidding process can vary and be pen or closed. Open negotiations are much more common.
It pays to start low with an open negotiation bidding process. Consider putting in an offer about 10% below the asking price. This is normally expected by sellers, so they inflate the property price when it first enters the market.
You should expect to be told if another offer has beaten yours so that you can place a further bid if the property is still within your budget limit. Remember to stay cool and polite, interested but not desperate.