How Much Should I Offer For a Property?
Posted on 1st September 2023 at 17:05
This question is probably one of the most commonly asked at the moment as buyers look for any kind of help to win the ‘best and final’ contest which they invariably have and, in many cases continue to find themselves in, such has been the property market over the past 18 months to two years.
With that in mind my answer is always the same – “you should offer what you are willing to pay and can afford to pay for that particular property”.
The reason behind the answer is quite simple and explained as follows –
When you see a property you like you should already have done your homework with regards what you can afford so it is then a simple case of how much you are HAPPY to pay. If that amount isn’t enough then you shouldn’t be too disappointed as it means someone else has offered more than you were willing or wanted to do. If it is successful, then fantastic but don’t then worry or question yourself over the fact you may have paid a little more than necessary to secure the house of your dreams. Be happy your search has been fruitful and if buying with a mortgage you have the safety of a lenders valuation to confirm you are not overly paying for the property.
Remember that an estate agent’s responsibility is to the seller and their role is to secure the best price possible from the best buyer (depending on the sellers’ requirements). It is not however acceptable or permitted for an estate agent to make up offers and whilst they should not disclose the amount of any offer to any other interested party, they can advise how many offers have been received.
Tagged as: Buying A House
Share this post: