Nowadays the property market is increasingly fragmented regardless of which price range you are buying in. Whist some properties sit on the market with no offers others create a frenzy of activity within days of going on the market, often resulting in sealed bids.
If you find yourself trying to snap up a hot property there are a few things you can do to make yourself stand out from the crowd.
Firstly gain the liking and respect of the estate agent. When offers are put in front of a seller they will often ask the agent which they think is the best. If the agent believes you are extremely reliable and credible they may recommend your offer even it it’s not the highest especially if other buyers do not seem as credible as you. Agents often act for clients who have not been the highest bidder but have still won the property for this reason.
With the estate agent on your side, the next step is writing a good offer letter. Quite a number of buyers do not bother to construct an offer letter when buying a property. If you are facing any competition for the property writing such a letter will put you in a much stronger position.
The more detailed and organised your letter is, the more weight it will carry with your offer. You will also need to outline any conditions to your purchase, such as the inclusion of furnishings, deadlines for completion, moving in date etc. It is recommended not to make too many conditions as this can sometimes hinder your bid if the seller cannot agree to all of them. You also need to include details about you and your finances and how you intend t pay for the property. Outline how much cash versus mortgage you are proposing to put down and provide details of your broker or mortgage lender. Confirming you have a mortgage agreed in principle will help you with your bid. By disclosing this information it will demonstrate you are organised and ready to proceed if your offer is accepted.