How to Make an Offer on a Property in Newcastle?

First-Time Buyer Mortgages in Newcastle

As a first time buyer in Newcastle, you may find yourself competing with other potential buyers who are looking at the same properties. With this in mind, it is always best to ensure that you are in the best possible position to have your offer accepted.

You’ll never beat a cash buyer

When it comes to purchasing your home, you will rarely beat a cash buyer – Even if the cash offer is lower than your offer, they are likely to go with this as it means a quicker process and less paperwork. Luckily, you may not come across many cash buyers when searching for your dream home. If you are looking to make the mortgage process even quicker than it otherwise would be, sending the Estate Agent a copy of your Mortgage Agreement in Principle is your safest option.

Arrange an AIP

By doing this, you possibly put yourself ahead of other potential buyers who are less prepared and don’t have this document ready. An Agreement in Principle can be turned around very quickly, often resulting in same day service if your circumstances are straightforward. If you would like assistance in getting this document, Get in Touch and a mortgage advisor in Newcastle will be able to help you out with this.

When buying a house you may find there is a lot of back and forth negotiation. Be very careful as your first offer, if accepted straight away, will most likely be too high! On this basis, we often find that our customers’ original offer will be turned down by the seller. It’s always a good idea to offer a bit less than you’d be happy to pay, as Estate Agents have been known to push an increase on your offer.

Lower their asking price?

If the seller won’t budge from their original asking price, it’s up to you to decide whether or not you are willing to meet their asking price. If the property you are applying for is new to the market and you can’t negotiate a deal with the Estate Agent, then it may be worth your time to walk away and look for another property.

If you are unsure about whether the asking price is right or not, you can always check sold prices on Zoopla and Rightmove to get a rough idea of what it should be. These websites draw data from the Land Registry which means that they are providing you with reliable information. Sometimes, you may see a house on the same street at a much lower price than the one you are looking at purchasing. Don’t worry though, as there will be a reason that this house sold for less.

These can include;

• The property could have been repossessed
• It was an inter-family sale
• It was sold to a tenant at a discounted price by the Landlord

Free mortgage appointment in Newcastle

As part of our service, we offer expert first time buyer mortgage advice in Newcastle regarding your offering strategy. We know that this process may be nerve-wracking, though it can also be exciting, and we are here to help you along this journey.

Date Last Edited - 02/12/2020