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Lazylobster

Making An Offer

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Finally seen a house which I think is the one for me. Yes, I know and believe that there is still a long way to go concerning a downward trend. But, I have my reasons.

I will put in an offer in writing next week at some stage.

Question is this. I would wish to try and protect the property post acceptance of offer. I.e. try to mitigate the possibility of being outbid and prompt removal of the property from the market place.

After some suggestions as to how I could do this ?

Put down a deposit.

Make the written offer conditional etc.

Any advice welcomed.

Cheers

LL

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House usually goes SSTC/Under Offer once the survey is booked. Put the condition in your offer that if accepted, property is taken off the market. Can;t see any other way. There's no guarantee until exchange.

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This is the basic tempate we use:

They have to forward written letters to vendors, so be careful with your language.

"Your address

The date

To whom it may concern

Re: Address of Property

Further to our viewings on [dates], we are pleased to be in a position to offer to purchase the freehold/ leasehold [delete as appropriate] on the above property for £[offer in numerical format] ([offer in words] pounds sterling). This offer is on the basis that the property is taken off the market immediately and is subject to survey and valuation.

Our offer reflects the poor condition of the internal/ external [delete as appropriate] fabric of the building, the falling property market and our strong position as prospective purchasers. Given that [address] will be vacant over the winter months/ is vacant at present [if relevant], I trust our desire for a swift completion will recommend this offer to the vendor.

Stagnant Property Market

As you are no doubt aware property prices have fallen substantially in recent months and continue to do so. [Now specify prices of properties in the street that have sold, and the large number still on the market in the vicinity].

Essential Repair Works

[address] is in a poor state of repair/ poor decorative order [delete as appropriate] and requires substantial capital input to bring it up to a habitable standard. Discussions with a local builder suggest that it will cost at least £x to replace the windows/ re-plaster/ fit a basic kitchen/ install central heating [delete as appropriate].

Position of Purchasers

We confirm that we are first-time buyers and thus in a chain-free position. Our finances are in place and we have instructed a local solicitor to act on our behalf in any property purchase. As a result we would be able to complete a sale quickly.

Should this offer be acceptable, our conveyancer’s contact details are

Name

Address

[if you have any questions relating to the condition or contents of the property ask them here]. I look forward to hearing from you at your earliest opportunity.

Yours faithfully

Your full names"

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This is the basic tempate we use:

They have to forward written letters to vendors, so be careful with your language.

"Your address

The date

To whom it may concern

Re: Address of Property

Further to our viewings on [dates], we are pleased to be in a position to offer to purchase the freehold/ leasehold [delete as appropriate] on the above property for £[offer in numerical format] ([offer in words] pounds sterling). This offer is on the basis that the property is taken off the market immediately and is subject to survey and valuation.

Our offer reflects the poor condition of the internal/ external [delete as appropriate] fabric of the building, the falling property market and our strong position as prospective purchasers. Given that [address] will be vacant over the winter months/ is vacant at present [if relevant], I trust our desire for a swift completion will recommend this offer to the vendor.

Stagnant Property Market

As you are no doubt aware property prices have fallen substantially in recent months and continue to do so. [Now specify prices of properties in the street that have sold, and the large number still on the market in the vicinity].

Essential Repair Works

[address] is in a poor state of repair/ poor decorative order [delete as appropriate] and requires substantial capital input to bring it up to a habitable standard. Discussions with a local builder suggest that it will cost at least £x to replace the windows/ re-plaster/ fit a basic kitchen/ install central heating [delete as appropriate].

Position of Purchasers

We confirm that we are first-time buyers and thus in a chain-free position. Our finances are in place and we have instructed a local solicitor to act on our behalf in any property purchase. As a result we would be able to complete a sale quickly.

Should this offer be acceptable, our conveyancer’s contact details are

Name

Address

[if you have any questions relating to the condition or contents of the property ask them here]. I look forward to hearing from you at your earliest opportunity.

Yours faithfully

Your full names"

all that for a newbuild. shame on builders.

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Finally seen a house which I think is the one for me. Yes, I know and believe that there is still a long way to go concerning a downward trend. But, I have my reasons.

I will put in an offer in writing next week at some stage.

Question is this. I would wish to try and protect the property post acceptance of offer. I.e. try to mitigate the possibility of being outbid and prompt removal of the property from the market place.

After some suggestions as to how I could do this ?

Put down a deposit.

Make the written offer conditional etc.

Any advice welcomed.

Cheers

LL

Make offer on conditional on that provided you exchange within a set length of time (3 weeks) that they will not do any more viewings.

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Why does everyone say making an offer? In every other market the buyers bid for the goods, and the sellers offer their goods at a certain price. The Bid / Offer in normal markets is always that way around. If a contractor bids for a contract, they do just that, they don't offer for it.

If you're at a house auction you don't make a offer, you bid for the house. Same in car auctions, It gets bid up to the highest bid and the highest bidder gets the house or car. The same in the stock market too. Every other market in fact.

Maybe this is another reason the property market is dysfunctional. Even the language seems to be confused and the wrong way around!

Next time please say you're putting in a cheeky bid for a house! Much better. :D

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Why does everyone say making an offer? In every other market the buyers bid for the goods, and the sellers offer their goods at a certain price. The Bid / Offer in normal markets is always that way around. If a contractor bids for a contract, they do just that, they don't offer for it.

If you're at a house auction you don't make a offer, you bid for the house. Same in car auctions, It gets bid up to the highest bid and the highest bidder gets the house or car. The same in the stock market too. Every other market in fact.

Maybe this is another reason the property market is dysfunctional. Even the language seems to be confused and the wrong way around!

Next time please say you're putting in a cheeky bid for a house! Much better. :D

It's not an auction though is it ? A house is 'offered' to the market at an asking price, and assuming you don't want to pay that full price you 'offer' what you are prepared to pay. Nothing wrong with that. If you contact an EA and say "I bid £xxx" they'd probably assume you're an idiot who mistakenly thinks they're in Scotland.

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This is the basic tempate we use:

They have to forward written letters to vendors, so be careful with your language.

"Your address

The date

To whom it may concern

Re: Address of Property

Further to our viewings on [dates], we are pleased to be in a position to offer to purchase the freehold/ leasehold [delete as appropriate] on the above property for £[offer in numerical format] ([offer in words] pounds sterling). This offer is on the basis that the property is taken off the market immediately and is subject to survey and valuation.

Our offer reflects the poor condition of the internal/ external [delete as appropriate] fabric of the building, the falling property market and our strong position as prospective purchasers. Given that [address] will be vacant over the winter months/ is vacant at present [if relevant], I trust our desire for a swift completion will recommend this offer to the vendor.

Stagnant Property Market

As you are no doubt aware property prices have fallen substantially in recent months and continue to do so. [Now specify prices of properties in the street that have sold, and the large number still on the market in the vicinity].

Essential Repair Works

[address] is in a poor state of repair/ poor decorative order [delete as appropriate] and requires substantial capital input to bring it up to a habitable standard. Discussions with a local builder suggest that it will cost at least £x to replace the windows/ re-plaster/ fit a basic kitchen/ install central heating [delete as appropriate].

Position of Purchasers

We confirm that we are first-time buyers and thus in a chain-free position. Our finances are in place and we have instructed a local solicitor to act on our behalf in any property purchase. As a result we would be able to complete a sale quickly.

Should this offer be acceptable, our conveyancer’s contact details are

Name

Address

[if you have any questions relating to the condition or contents of the property ask them here]. I look forward to hearing from you at your earliest opportunity.

Yours faithfully

Your full names"

This is useful, thanks, appreciate it.

LL

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It's not an auction though is it ? A house is 'offered' to the market at an asking price, and assuming you don't want to pay that full price you 'offer' what you are prepared to pay. Nothing wrong with that. If you contact an EA and say "I bid £xxx" they'd probably assume you're an idiot who mistakenly thinks they're in Scotland.
I know, that's not way it's evolved, and they'd think you're mad, but the 'market standard' market is Bid/Offer. The buyers bid, and sellers offer.

Look at the gold market for example:

http://www.bullionvault.com/gold_market.do See the current Best Bids and Best Offers in the market as labelled at the top of the columns.

Maybe the EU will pass a law to make all the ze words uniform across markets.

Edited by no accountant

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