When you are all good to go and ready to make an offer on a property that you want to buy, you have to make sure that the seller or estate agent knows about all of your personal and financial circumstances. This way, you are putting yourself in the best position you can in order to have your offer accepted. They need to know everything so that if anything comes up in the future, you are covered.
99% of the times, you will never beat a cash buyer, lenders love the fact that they can get a hold of the money there and then. However, you can have a better chance of competing with them if you have a mortgage agreement in principle in place prior to making your offer. You are potentially putting yourself in front everyone else who is looking at buying that home who doesn’t have one (your competitors!).
This is another benefit in approaching a Mortgage Broker in Coventry, like us. We can turn around a mortgage agreement in principle extremely quickly, it could even be on the same day if your situation is straightforward.
Buying a property is a negotiation process. If your first offer is rejected then you will be asked whether you want to increase your original offer. So, don’t be afraid to offer less in the first instance than you really are happy to pay as you should get another chance to make another offer.
If your increased offer is also rejected sometimes it just boils down to whether you are willing to pay the asking price, (especially if the property in question has just been placed on the market) or whether you are prepared to walk away and find somewhere else.
A way to get an estimate of what you might have to pay is to look at “sold” prices on Zoopla and Rightmove. Try to find properties that are similar to ones that you are looking at buying. The prices are pulled from the Land Registry so you should be able to rely on it.
If you come across houses that have gone for less than they’re worth, don’t worry as there will be a reason for it. It could’ve been repossessed, sold to a tenant at a discounted price or an inter-family sale.
If you need any help on making an offer on a property first time buyer in Coventry or just want an expert Mortgage Advisor in Coventry by your side to help you secure that property and get you a great mortgage deal, you should get in touch with Coventrymoneyman.
We are available from 7 days a week, so if you ever have any mortgage questions, you know who to call. Receive a free mortgage consultation today with your expert Mortgage Broker in Coventry.
Date Last Edited: December 6, 2023