Feb 04, 2020

How to Make an Offer on a House

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Once you have found the perfect house, you will need to decide how much to offer for it. The dilemma is should you put in a high offer to clinch it and risk wasting money, or a low offer and risk losing your dream home?

This article explores the best tactics to secure your dream house for the best possible price.

Be prepared before you even start viewing!

This may sound obvious, but it essential to make sure that you are fully prepared before you make an offer. Ideally you should be fully prepared before you even start viewing!

It is highly advantageous to make sure that you are in an appealing situation to the owner of the property that you wish to buy. This can easily be achieved by doing some homework beforehand which will give you a head start.

Get a Mortgage Agreement in Principle

If you require a Mortgage, make sure that you have already spoken to a Mortgage advisor to check that you have the required deposit available and if possible also obtain a Mortgage Agreement in Principle. If you don’t require a Mortgage then make sure that you are able to provide a proof of funds to the Estate Agent.

Speak to your local Michael Tuck Estate Agency Office who will put you in touch with a “fee-free” independent mortgage advisor.

Consider your position as a buyer

Think about your position. Buyers with no chain are preferable to a vendor, so if you are a first time buyer, investor or in rented accommodation you will have an advantage. If you have sold your property then the shorter the chain, the better.

If you are not already on the market, any offer cannot move forward until you are in a proceedable position.

So in summary make sure you are as proceedable as possible and that you are able to prove that you are able to fund the house purchase.

Get your Conveyancer Ready

It is a good idea to have already chosen a Conveyancer. It can take a few days to compile quotes and decide which Conveyancer will be best for you. we recommend that you start this process alongside obtaining a Mortgage Agreement in Principle. By doing this you will be able to demonstrate to sellers that you are serious and ready for action.

Speak to your local Michael Tuck office who can recommend a selection of local conveyancers.

How do you pitch your offer?

This is where the negotiations begin! It is difficult to know how much the vendor is likely to accept. Are they likely to accept a lower offer or are they looking for the full asking price?

It is possible to get an idea of what you feel the property may be worth, based on your own experience from online research and previous viewings. We always recommend that you base your offer on what you feel the property is worth.

If the house ticks all the boxes on your “needs and wishes” list, it may be worth offering the asking price straight away to secure it – especially if you don’t intend to move again for several years.

If you decide, however, to make a lower offer be wary that other bidders may be in play. If you offer too low to start with, you run the risk of offending the vendor. This won’t put you in good stead if another potential buyer is on the scene, and you will run the risk of losing the property.

How do I submit an offer on a house?

Once you have decided upon the figure that you are going to offer, you should put if forward to the Estate Agent. They will then speak to the owner to see whether it is acceptable or not.

It is always a good idea to put the offer in writing and to clarify any fixtures and fittings you would like included. (A telephone call followed up by an email will be perfect). It is always important to emphasise the position that you are in, and how you are going to fund the purchase.

What do you do if your offer on a house is refused?

It is common for the first offer to be rejected so prepare yourself for this eventuality, and the possibility that you may need to consider an increased offer.

If there have been other offers on the house, the estate agent cannot legally inform you how much they were for.

Your offer on a house has been accepted! What now?

Even after an offer has been made and accepted by the seller, it is not legally binding on either side until exchange of contracts.

Once a seller has accepted your offer, we recommend that you ask them to take the property off the market, which they should do if they are serious about accepting your offer.

Now you need to move fast – the seller will want to see progress to try and avoid any unnecessary delays in getting the surveys and other legal work completed.

Estate Agents in Gloucester

We hope that you enjoyed our guide for making offers on property. If you have any questions at all please feel free to contact or pop into your local branch of Michael Tuck Estate Agents in Gloucester.

Feel free to also read our guide on viewing property and the moving day.

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I cannot recommend Michael Tuck Estate Agents enough.

They were so professional and so prompt with their communication. In particular we would like to mention Charlie for his regular updates and extremely helpful service in the sale of my mothers house. We were in a particularly long chain, and he went over and above to assist us in the communications between the buyers and sellers in order for our chain to proceed. He even contacted Solicitors and helped progress the exchange.

“We are certain if it wasn’t for him we wouldn’t have sold our house! We cannot thank him and his team enough.”

Kelly Durkin

Miles has gone above and beyond to ensure buying our first house has been a smooth process. He has offered clarification and reassurance at all steps of the journey, making us feel like valued clients.

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Hollie Blunt

Michael Tuck New Homes in Gloucester assisted us selling three phases of our development in Kingsway, Gloucester.

“All of the staff were very professional and knowledgeable sales people who represented our company as if it were their own.”

If we were to need help selling our homes in the Gloucester ara again they would be the first phone call i’d make.

Stephen Holbrook. Abbey Homes

Tony and John, Abbeymead branch, supported us during very difficult circumstances (and we don’t just mean Covid!)

The same applies to other staff when answering queries etc.

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David Duncan

I have been a customer of Michael Tuck Lettings in Abbeymead for coming up to 2 years now.

I would like to highlight Kurt and James for there forever ending support and excellent communication. Their joint efforts have filled me with confidence in the ability to keep my family safe in a home we love.

No matter the complexity or need they are always on hand to support and come to some form of reasonable resolution.

For this reason I would recommend Michael Tuck to all my family and friends and will hopefully continue to stay a customer of Michaels Tucks until I purchase my own home. Thank you

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Jay Preece

Miles and the team have been brilliant from start to finish during the sale of our house.

Miles especially went above and beyond with sales chasing when I think most other people would have probably given up! Really happy with the service.

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Anna England

I was recommended Michael Tuck Estate Agents in Abbeymead by a friend, thank you friend!

I would like to say a big thank you and well done to the team who are very friendly, helpful and have taken the strain out of what was a fairly long house sale.

Special thanks go to Chloe and Tony for their positivity and Chloe thank you for your good humour which lifted me during the long process!

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Jane West

Michael Tuck Lettings in Abbeymead have been a fantastic letting agents looking after our house for the past 17 years.

We have recently sold the house with the sales department.  Kurt has looked after us incredibly well during the 17 years of lettings and Tony, Andy and Chloe have made the selling very easy. Thank you

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Claire Rawlinson

I have recently bought and sold through the Gloucester branches and cannot praise Miles and the team highly enough.

In what has been a very testing time for the industry, Miles and all the staff have worked tirelessly in my purchase and even more so my sale.

Thoroughly recommend Tucks every time. Special thanks to Otis. Thank you guys it’s been an absolute pleasure.

“Their drive and communication skills have been amazing.”

David Lichtenstein

As a both a private individual and as property developer I have been using Michael Tuck New Homes in Gloucester to sell my properties for the last ten years.

During that time they have provided a consistently first class service. In particular ‘Richard’ has always been willing to go above and beyond what is required by offering highly skilled sales negotiation techniques to obtain the best price possible in various and sometimes challenging market conditions.

I special mention to a newer member of the team ‘Chloe’ who I had numerous conversations with in my latest sale, she was always friendly and approachable to myself and I am told the buyers and I am certain this would of helped, along with chasing the solicitors to bring my latest sale to a satisfactory conclusion.

Ben Preston