Making an Offer

So you've seen the property and you want it. Your initial reaction will be to camp outside the Estate Agents to let them know the next morning. Before you do, consider the following:

The Second Viewing

It is wise to always view a house for a second time if you are interested in making an offer. You will be surprised how smaller features become noticeable. The exercise will either confirm your original feelings or make your reconsider. As you will have already met the vendor once before, it gives another opportunity to ask more questions. Remember to be as critical as possible - it's better to find defects now before making an offer. Take the chance to examine the surrounding area.

Making an Offer

If you still come away feeling positive about the house after the second viewing, it is time to inform the Estate Agent. Don't hang about as there may be several other parties interested as well. An offer is not legally binding (except in Scotland).

What Price Should I Offer?

• Firstly ask yourself if it is a buyer's market. A good tip is to examine the asking price. Subtle details can indicate a buyer's market - for example, an asking price £78,950 instead of £79,000.
• Generally there is greater demand for houses (and therefore a seller's market) during the spring/summer period and also during a strong economy.
• Take into consideration what additional work (& costs) may be needed.
• Find out how long the house has been on the market by asking the estate agent or flicking through old copies of the local paper. A house that has been for sale for a while puts the buyer in a much stronger bargaining position.
• It is often worth offering a lower price anyway to judge the vendor's reaction.

And Finally... Make sure your offer is "subject to survey and contract".