How To Put An Offer In On a House And Have It Accepted

Before you can place an offer, you need to establish what your maximum budget is. The best way to do so is to speak to a mortgage advisor about how much you can potentially borrow from a lender. You can’t actually apply for a mortgage until you have an offer accepted on a home, but you can secure a mortgage in principle. 

This isn’t a binding document, but it’s an indication of how much a lender would be willing to lend to you subject to a full application being submitted. Many sellers will only accept offers from buyers with a mortgage in principle in place, as they know they’re serious buyers. 

When you’ve found a home you love, before making an offer, it's essential to conduct research on the local area around the house and on similar properties to make sure you understand its value. Research you can conduct includes:

• Comparing prices in the market: Check estate agents listings to review prices for similar homes in the area and region to understand how comparable properties are being valued.

• The property’s price history: Try to find out how long the house has been on the market and whether there have already been any price decreases. If the house has been for sale for some time, you may be able to put in a lower offer, especially if the asking price has already been lowered.

• Local factors: Consider the neighbourhood's amenities, schools, and transport links. Search online for any news on future development plans in the area that could impact property values.

The estate agent representing the seller likely knows more about the property and the seller than anyone else. Introduce yourself to them, be friendly and polite, and be open about who you are and what you’re looking for. 

Ask questions about the seller’s situation to understand what they want and what their needs are. Find out if they’re looking to sell quickly, how long they’ve had the house on the market, if they’ve already had offers, and if the estate agent thinks they’ll be open to lower bids.

Before making an offer, request a second viewing if you’ve not already had one. This can help show you’re a serious bidder. Plus it’s your opportunity to ask more questions and to identify any faults or other factors that might affect your bid.

After research, talking with the estate agent and at least two viewings, decide on how much you want to offer.

When you make your offer, make it to the estate agent and not directly to the buyer. Phone the estate agent to place your bid, and then confirm that you’ll send an email to make the offer in writing. 

When you send the email, include:

1. Your full name and contact details.
2. The price you’re offering.
3. A summary of your situation, including other advantageous details that make your offer attractive (see below).

As well as the price you offer, your situation and demeanour can also influence the outcome of your bid. You should:

• Get all your paperwork and details together: Respond quickly to requests and questions, be organised and efficient, have your finances in order, and be ready to clearly explain your situation. Be open and precise on how quickly you can move. You need to give the impression that you’re reliable and trustworthy.

• Mention other appealing details that support your offer: If you’re a first-time buyer, make it clear that you’re not in a chain. This can make you more attractive, as you’re not depending on a home of your own being sold. If you are selling your own home, be clear on what stage of the process you’re at.

It’s a legal duty that the estate agent informs the seller of your offer. Then the ball is in the seller’s court. They can respond in a number of ways, most usually by:

• Agreeing to your offer: If your offer is accepted, the seller will provide a formal acceptance letter, initiating the next steps of the buying process.

• Declining your offer: If the seller feels your offer isn’t a fair one, or if other parties are bidding, they may turn your offer down.

• Making a counter offer: The seller may decline your offer, but if they’re interested in you as a buyer, they might come back with a counteroffer of their own. You can then accept it, or make your own counter offer.

Your offer and the seller’s acceptance aren’t legally binding until you exchange contracts. To make sure that happens without any interruptions, you’ll need to:

•  Ask the estate agent to take the house off the market: To ensure no other buyers place offers, especially higher bids that will gazump yours.

• Request a formal letter of acceptance from the estate agent: To make sure you have it in writing.

• Inform your solicitor: Instruct your solicitor so they can take care of the legal aspects of the purchase, including conducting searches, drawing up the contract of sale, and handling the transfer of ownership.

• Arrange a survey: To identify any potential issues with the property before you buy it.

• Contact your mortgage provider: To finalise your mortgage.

• Exchange of Contracts: Once all legal and financial aspects of the sale are satisfied, the contracts are exchanged, and a completion date will be set.