06 Jul 2018
How to Make an Offer on a House – The Mortgage House Guide
Buying a house is likely the most significant purchase you will ever make. Because of that and the unfamiliar nature of house buying, it can feel incredibly daunting. However, with a well-researched plan, you can make house hunting and putting down offers fun and exciting – as it should be!
For the last couple of years, furious outbidding at auction drove property prices up. The pressure has finally backed off a little, so now is the time to cherry-pick your perfect property, where you can afford to make a more aggressive offer. It’s important to shortlist a variety of properties to look further into, and not rely on just one. Mortgage House will help you with your properties, till you find your dream property, giving you more chance to lock down “the one” sooner.
Pick a couple of properties
You will have had your eye on a number of properties – before you go and view them, with a clear head, ensure they are in your chosen location/s, are within your budget, and reflect your requirements (i.e. you won’t be compromising on the number of bedrooms). If you’re slightly more flexible, note down what you are willing to compromise and how far you are ready to stretch either way.
Arrange to view them
Remember to go over your requirements before you head to the property. It’s easy to overlook a property’s faults when it has a great balcony and view, but unless you’re ready to take on a renovation project, or sacrifice that needed third bedroom, you should stick to your requirements list. You made it for a reason!
Give us the property addresses
If the properties you view don’t disappoint, then give us their addresses, and we’ll provide you with a FREE property report. This will shed light on its location, past selling prices, and the price of comparable homes in the area. It can evaluate how long the property has been on the market and whether the guide price has fluctuated in that time.
A property report can be invaluable to a homebuyer, as it depicts what may go unnoticed by someone not used to the industry. It can also provide snippets of prized information, such as if the property’s price has been dropped due to not selling, then you can offer an even lower price, which they may more likely accept.
We’ll work out the best offer to make
Once you’ve evaluated the property report and are ready to put down an offer, we’ll check that it is a sound investment and then guide you through the process of how much to offer, based on the information we have obtained.
You’ll make the offer
Once you’re 100% happy that this property is “the one”, you can make a formal offer on the property. Ensure your offer is based on final approval of your mortgage application and a property inspection. For this, you can attempt to negotiate 10 days instead of the usual 5. If the seller accepts the terms of your offer, we can prepare the loan documents for your settlement date.
If your offer is accepted, we celebrate!
If your offer is accepted, then congratulations, you are now proud homeowners! If it’s not accepted, which isn’t uncommon, we’ll move on to find your perfect property, together. Remember, there is always another property that will tick all the boxes!
Mortgage House
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of selling your home and are ready to make the next move buying or investing, you can contact us for information about the best options for you when it comes to your mortgage.