Making An Offer?

HOW TO MAKE AN OFFER

That is the easiest thing to do, simply contact us (not the vendor) and make the offer, we will guide you through the rest of the process.

HOW MUCH SHOULD I OFFER?

We have to admit to being biased on this one, as we are working for the vendor. So the asking price would be nice!. However some clients are prepared to negotiate (within reason).

WHAT HAPPENS NEXT?

The housing market is extremely busy and we frequently receive more than one offer on a property. Naturally, any seller will want to know that the person offering to purchase can actually proceed.

We will want to know how you plan to pay for the property and how quickly you can do this. So we will ask you questions that will help us ascertain this.

FINANCES

Please note that in common with other professional estate agents, it is Blakes Estate Agents policy to ensure, on behalf of our client vendor, that all prospective purchasers who make an offer have arranged their finances.

This means that you will be asked to provide proof of your ability to purchase the property at the time that you make an offer.

Regrettably, your word that you have “sorted your mortgage out” will not be considered acceptable proof .

The following is considered acceptable proof:

1) If you are a cash buyer: Evidence that proceeds from your related property sale will be available for your purchase e.g we will check with your Estate Agent that you are Sold, subject to contract (in England and Wales) and that there is a complete chain below

or

evidence of cash (bank statement etc).

2) If you require a mortgage of any size

A valid Agreement in Principle issued by a recognised lender stating a maximum purchase price

or

A mortgage offer dated within the last three months.

TIMESCALES

We will also want to know that you can proceed within a timescale that our client finds acceptable. If you are selling a property, we will call your Estate Agent and solicitors to check

1) that the chain is complete

2) how advanced the chain is; giving a likely timescale to exchange of contracts.

We will then contact our client and pass on your offer (which will also be sent in writing).

We will discuss the amount of the offer and your ability to proceed with our client and they will instruct us to either accept the offer or reject it.

If you are unable to provide proof of ability to purchase, your offer will still be passed to our client at the earliest opportunity. However, it may influence the vendors decision about the future marketing of the property after a sale has been agreed with you.

WHAT IF THEY REJECT MY OFFER?

We will explain the reason for the rejection, usually this is because your offer is too low. We will have been given a guideline as to what price will be accepted and we will negotiate further with both parties.

However, there may be other reasons why your offer was rejected. For instance, the amount may be acceptable, but you are not in the best position to make the offer. This often happens where we have several prospective buyers for the property.

In this case, we will have discussed all offers with our clients and they will decide who they wish to sell to based on the information we have been able to verify about each prospective purchaser.

We have no oligation to discuss or disclose the amount of any offer from a third party with you.

This is why we urge prospective purchasers to arrange things properly prior to finding a property. This benefits you, as the vendor is more likely to take your offer seriously if they know that you are in a position to make it, and, as is often the case, if there is more than one person interested in the property then this may be the deciding factor in securing your purchase.

It may be too late if you leave this until you have found a property!

AND IF THEY ACCEPT MY OFFER?

Although the amount of the offer is acceptable this does not necessarily mean that a sale will be agreed.

An example of this is where you have not yet sold your own property to provide you with funds. In this case, the vendor will accept your offer subject to the sale of your own property. However, most sellers are unlikely to remove their own property from the market whilst you find a buyer. Each case is unique and the vendors decision will be discussed with you.

WHAT HAPPENS WHEN A SALE IS AGREED?

We will inform you that the vendor has agreed to sell to you and issue you with a memorandum of sale and a letter explaining the process. This will include details of the address and purchase price of the properties as well as information relating to buyer and seller and their advisers. It will advise of a timescale and any special conditions that may have been negotiated as a condition of sale. You will have a designated contact at Blakes during the whole procedure.

WILL THE PROPERTY BE TAKEN OFF THE MARKET?

We discuss the future marketing of the property with the owner at the time of sale and it is the Vendors decision whether we should continue to seek other buyers.

Most properties are removed from the market and further viewings stopped once a sale has been agreed, provided that the vendor is satisfied with your ability to purchase.

If a property is left on the market, it is because the vendor has doubts about your ability to proceed. This is normally because you are unable to provide proof of ability to purchase.

This is why we urge prospective purchasers to arrange things properly prior to finding a property.

In either case, the future marketing of the property will be disclosed to you at the time of sale.

Please note that if an offer is received on any property at any point up to an exchange of contracts we are LEGALLY OBLIGED to pass it on immediately to the vendor.