How to Make an Offer on a Property in Sunderland?

First Time Buyer Mortgages in Sunderland

We often see that first time buyers in Sunderland may find themselves in competition with other first time buyers. With this being the case, we always recommend that you put yourself in the best possible position to have any offers you make accepted.

A sad truth is that a cash buyer will always win! You can have everything you need, but if the seller can avoid the process by having the house bought outright, they’ll almost always take that option. This can be the case even if that cash buyer is offering slightly less.

Luckily for you and your property owning dreams, this is not a common occurrence. Sending the estate agent a copy of your mortgage agreement in principle is your safest option to speed up your mortgage process.

By following this option, you may also find yourself one step ahead of other potential buyers who have yet to get their AIP arranged. An Agreement in Principle can be arranged and presented within the same day if your case is straightforward.

Negotiating on a price

Firstly there may be a lot of back and forth negotiation to purchase a property. Be wary of your first offer! If it is accepted immediately, you have likely gone too high – No seller will turn down more money than they had planned for! It’s always a good idea to offer less than you’d be happy to pay, so you have some negotiating room. Estate agents like to push you to pay more, so that is something to look out for.

On top of this, if the seller is sticking to their original asking price, it is up to you whether or not you are willing to meet their asking price. If the property you are applying for has only recently been put on the market and negotiations with the estate agent are falling flat, then you may need to cut your losses and look for somewhere else.

Lastly, don’t worry about how high or low the asking price is. There are strong, reliable sites out there such as Zoopla and Rightmove, who draw their information from the Land Registry and can give you an accurate idea of how much a property in that area is actually worth. From time to time, you may see a house on the same street with a much lower price than the one you are looking at purchasing. There will be a specific reason that this house sold for less than the one you are after.

These can include;

• The property could have been repossessed.
• It was sold to a tenant at a discounted price by the Landlord.
• It was an inter-family sale.

As part of our service as a mortgage broker in Sunderland, we offer expert mortgage advice regarding your offering strategy. We know that this process may be nerve-wracking. However, it can also be exciting, and we are here to help you through your mortgage journey. Get in touch and we will see how we are able to help you.

Date Last Edited: 05/01/2023