Once you are all ready to make your first offer on a property, it is important that the seller or the estate agent knows all about your personal and financial circumstances. Telling them all of your details give you a higher chance of being accepted.
Most of the time you will find that a cash buyer has the advantage. The mortgage process requires time and handling of paperwork, which can be avoided if the home buyer pays the full amount. If you can’t afford to go down this route, to improve your chances of being accepted for a mortgage, you should get a mortgage agreement in principle prepared before you make your offer.
Having a mortgage agreement in principle at the ready shows that you have planned ahead and really want to secure this property. Whereas, if you don’t have one, your lender will know that you weren’t prepared and that you aren’t fully aware of how to apply, which could go against you.
This is why approaching a Mortgage Broker in Durham could really benefit you during the home buying process. Once you find a property that you are interested in making an offer on, Durhammoneyman can quickly get you together with a mortgage agreement in principle. Depending on your situation, we can sometimes offer the same day service.
Buying a property is a negotiation process. If your first offer gets rejected, don’t worry, it’s perfectly normal to not be accepted first time round, you will get another chance to increase your original offer.
If your increased offer is also rejected, you may have to raise your offer again to match the asking price. If the property has just been listed on the property market, it’s unlikely that the seller is going to budge from their asking price. If you aren’t prepared to match their asking price, you may have to walk away and start looking for more properties.
To get a rough idea of what you may have to pay for your property, you should check out Zoopla and Rightmove and take a look “sold” prices of houses that are similar to the one that you are looking at. These prices are pulled from the Land Registry so they are reliable and can be used as a comparison.
You will sometimes see that some houses end up selling for less than their actual worth and this is because they could’ve been repossessed, sold to a tenant at a discounted price or an inter-family sale.
If you are still unsure about how to make an offer on a property and need help getting on the property ladder as a First Time Buyer in Durham, you should get the help off an expert Mortgage Advisor in Durham. They will do all they can in order to try and get that dream home of yours secured.
We are available from 8am-10pm, 7 days a week, so if you ever have any mortgage questions, you know who to call. Receive a free mortgage consultation today with your expert Mortgage Broker in Durham.