First, ensure the buyer demand is genuine and learn what kind of offers you are competing with:
- Ask the agent how many offers they have received, the selling position of those offers (e.g. first time buyers or not), and the offer amounts. They may not disclose the actual offer amounts but might hint at them.
- If there aren’t any serious offers yet, use our “Normal demand property” strategy instead.
Sellers will often sell for less to a buyer who can proceed quickly with a lower risk of pulling out, so:
- If there’s an offer on the table from another buyer higher up on this list, you’ll likely need to exceed that offer to be considered:
- 1. Cash buyer
- 2. First-time buyer with a mortgage in principle
- 3. Chain buyer who is under offer
- 4. Chain buyer who is listed but not under offer
- 5. Chain buyer who is not listed or a first-time buyer without a mortgage in principle
- Show you're serious and ready to proceed by being prepared to share your mortgage in principle, your solicitor's details and a screenshot showing proof of funds.
Understand the seller's situation to make your offer more appealing. Ask the agent:
- Why is the owner selling? And have they found their onward property? Making it clear you can move fast or be flexible if they still need to find their onward property might make the difference.
Making your offer:
- Make your offer by email (here's the perfect template) so you can't give away anything to the agent over the phone. Include details of your solicitor, proof of funds and/or mortgage in principle, and make it clear that you can proceed quickly.
- It should be clear from what the agent is telling you about other offers how much you need to offer to stand a chance. If there’s a lot of demand it’s likely to be close to asking price, or more.
- If you’re asked to make your “best and final offer” with a “sealed bid”, decide the maximum you’d be willing to spend on the property and make that offer. You don’t want to kick yourself later if another offer is accepted and you didn’t go all in.
Your Nested Buying Agent can save you tens of thousands
If you’re selling with Nested, you’ll have a professional Buying Agent by your side. They can value the property, put together a bespoke negotiation strategy and can even negotiate for you, often saving you tens of thousands! Find out more.