Making an offer as a first-time buyer
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Making an offer as a first-time buyer
Once you have found a house you are sure that you want to buy, its time to consider making an offer. For first-time buyers who are not experienced in the property buying process, making an offer can be daunting. When making an offer for the first-time, there are several points that need to be considered. There are many points to consider before make an offer. They may influence how much you want to offer, and even if you want to buy the property.
How much is the asking price?
To try and get money off the asking price of a property, you should look into how long it has been on the market. Houses that have been on the market for a long time may have problems or the owner is trying to sell them at an inflated level. Unless you are sure that you are doing, don't offer the asking price or above straight away.
What is the time scale?
You've found the house you want to put an offer down on, but you'd like a bit longer to think. Many first-time buyers hesitate at this stage, and can lose out as a consequence. You should make an offer as soon as possible once you are 100 per cent sure, but be aware that the seller still doesn't have to sell to you even after accepting an offer.
Don't get gazumped.
Getting gazumped as a first-time buyer can be more traumatic than it sounds. Gazumping occurs when the vendor accepts a higher offer after accepting yours. Getting caught up in a bidding war with another buyer is a swift way to leave yourself out of pocket.
Be realistic
When making an offer as a first-time buyer, be realistic. Make an offer based on what you see as the reality of the situation and stick with it.
Getting a mortgage Make sure that you consult an independent mortgage adviser to get the best possible independent mortgage advice as a first-time buyer. Use our quick enquiry form for this.
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