When you’ve found the property you’re interested in, your estate agent will prepare an offer letter. This is a legally binding document that indicates your interest in buying the home and outlines all the contingencies that need to be met for the sale to go through, such as financing and a successful home inspection.
Before you submit your offer, consider how long the house has been on the market and what type of competition it may face. For example, if other buyers have shown up quickly and made offers on the same day, you might need to move fast in order to get your offer accepted.
You might also want to know if the current homeowners are moving for work, need to sell their existing home, or have other personal reasons for wanting to close quickly. This can give you negotiating leverage. For Estate Agents Gloucester, visit www.mwea.co.uk
It’s important to make an offer that’s in line with what similar properties have sold for recently. A lowball offer that isn’t supported by sales data will backfire, especially in a seller’s market.
When preparing your offer, be sure to include your earnest money deposit. This deposit shows the seller you’re serious about purchasing the property and will be credited to your purchase at closing. You should also have a preapproval letter from your lender so the seller knows you’re a qualified buyer. In addition, you might want to include an escalation clause that states that if other offers are submitted, you’ll outbid them by a specified amount.