The Offer

Should I ever offer the asking price?

With regards to the offer for a house, if you think what you're buying is a bargain, then don't be afraid to offer the asking price straight away. Most estate agents are taught that you will have three offers in you. So if it's a normal market, be prepared to offer a little bit below the asking price to start with if you want to get it. Then, go up a reasonable amount, and then be prepared to make a small increase for your third offer for the house. This is when they'll think you're at your limit, and that's when you want to end up at the asking price for the house.

Will a low offer put off the vendor?

With regards to the offer for a house, a very low offer in most cases will put off a seller. You need to take the advice of the agent, if the property has been on the market for say, six months, and has had no other offers, then there's no reason why you shouldn't try making a very low offer for the house. In general terms though, you need to take the advice of your agent when making offers.

My first offer was accepted - have I offered too much?

If the first offer you make is accepted, there is a chance you might have been able to get it for slightly less, but if you like the property and you can afford it, I would just get on with it.

Should I get a survey before I put in an offer?

A survey before putting in an offer will cost you 5 or 6 pounds, but if you like a property enough, and you're on the point of making an offer, it might just give you the peace of mind to take the process forward. It will, of course, let the estate agent and the seller know you're being very serious. A big advantage, possibly.

Should I consider the surveyor's valuation when I put in an offer?

Your surveyor is a paid professional and therefore it's obviously important that you listen to what he or she is saying to you. My experience of surveyors is that they tend to be very belt and braces, very safe. And therefore the valuation they give will normally perhaps be a little bit less than an open market figure. So be prepared for there to be anything between 5 and 1 percent of difference between what you might be paying on the open market and what a surveyor will tell you it's worth.

What is a sealed bid?

With regards to the offer for a house, a sealed bid is a way of distinguishing between rival bidders. What will effectively happen is that if there are more than two people bidding on a property and no one's making a definitive knockout bid, an estate agent will set a date or time at which everyone will deliver their best bids in a sealed envelope with as much information as possible. All the sealed envelopes will be opened at the same time, then the seller and estate agent will decide which bid for the property they want to accept.

Can I make the vendor take the property off the market once I've made an offer?

With regards to the offer for a house, most sellers will consider taking the property off the market for a short period of time once you've made an offer on it. Most agents won't recommend taking the property off the market for more than two weeks or so, so you have to be prepared to move into that property within the time frame of two weeks. Also, it's very important that you have your finance in place and a good solicitor to take advantage of that off-market period.