When it comes to buying a home, the excitement of finding the right property is quickly followed by the task of making an offer.
At JG Mortgage Services, we understand that this process can feel overwhelming, especially for first-time buyers. That’s why we’ve put together this step-by-step guide to help you with making an offer with confidence and clarity.
Preparation
The first step in making an offer is preparation. Before you start looking at houses, make sure you have a clear idea of your budget, must-have features, and the kind of neighbourhood you want to live in.
Think about your long-term goals and how this house fits into them. The more prepared you are, the smoother the buying process will be.
Research
Once you’ve found a house that interests you, research is key. Take time to understand the local market—look at similar properties, recent sales in the area, and the overall market trends.
Are properties selling quickly or sitting on the market for a while? Understanding these factors will help you make a competitive and well-informed offer.
Finances and Documentation
Before you make an offer, it’s crucial to have your finances in order. This includes having a deposit saved, but also securing a mortgage in principle.
At JG Mortgage Services, we recommend getting this documentation sorted out early. Sellers are more likely to take your offer seriously if they know you’re financially prepared. Additionally, be ready to provide proof of income, credit reports, and identification.
Opting for a Mortgage Broker
While some buyers choose to go directly to lenders, working with a mortgage broker can save you time, money, and stress. At JG Mortgage Services, we act as your advocate, searching for the best mortgage deals and tailoring advice to your specific circumstances.
We work with a wide range of lenders to get you the best rates, ensuring your finances are in place when you make your offer.
How Much Should I Offer?
Determining how much to offer can be tricky. Start by reviewing your research on local market conditions. If the market is contested, you may need to offer close to or even above the asking price.
In a cooler market, you might have room to negotiate. At JG Mortgage Services, we recommend working with your estate agent or solicitor to gauge what’s fair. Don’t forget to consider factors such as how long the property has been on the market and the seller’s urgency.
How Do I Make My Offer?
When you’re ready, submit your offer through your estate agent. In the UK, this is typically done verbally, but it’s important to follow up with a written offer.
Be sure to include any conditions (like a mortgage offer or property surveys) and a timeline for responses. Having a clear, well-structured offer can strengthen your position in the negotiation process.
Our Top Tips
To give you the best chance of securing your dream home, here are some top tips from the experts at JG Mortgage Services:
Build a Relationship With the Seller
Building rapport with the seller can make a difference. Sellers often prefer working with buyers who show genuine interest and enthusiasm for the property. It’s not just about numbers—it’s also about making the seller feel confident that the sale will proceed smoothly.
Don’t Go Too Low
While everyone loves a good deal, going too low with your offer can backfire. A low-ball offer might start a bad relationship with the seller, especially if the house is reasonably priced. Start with a fair offer based on your research and negotiations.
If you feel that you need support making this decision, our team of mortgage brokers will be on hand to help you throughout the process.
Act Quickly
Once you’ve decided to make an offer, don’t delay. Properties can move fast, especially in popular areas. The sooner you act, the more likely you are to secure the property before someone else steps in.
What Happens When the Offer is Accepted?
When your offer is accepted, there’s still work to be done. The property will enter a phase called “sold subject to contract” (SSTC).
At this point, you’ll need to finalise your mortgage application and get a property survey. You should also instruct a solicitor or conveyancer to handle the legal side of the purchase.
Ask for the Property Listing to Be Taken Down
Once your offer is accepted, ask the estate agent to take the property off the market. This minimises the risk of other buyers coming in with competing offers. It’s an important step in solidifying your position as the buyer.
Conclusion
Making an offer on a house doesn’t have to be daunting. With the right preparation, research, and financial backing, you can approach the process confidently.
At JG Mortgage Services, we’re here to help first-time buyers every step of the way, from finding the right mortgage to ensuring your offer goes through without a hitch. Get in touch with our team today and we will answer all of your questions.
Joshua Griffith is the founder of JG Mortgage Services Ltd, established in 2021. With over a decade of experience in UK banking, he brings a client-focused approach to mortgages. Passionate about helping families achieve homeownership, Joshua combines industry expertise with personalised support.
