How to Succeed Your Bid in the Norfolk Property Market

In the current climate of calls for tenders, putting yourself in the best conditions to make a successful offer on a property is essential.

We asked members of the Norwich & District Association of Estate Agents what buyers should do to maximize their chances of success.

What to do before making an offer on a property?
“Before bidding, buyers need to be able to proceed,” says Hadley Taylor’s Nick Taylor.

“In other words, they should already have a buyer for their property, or better yet, have no property to sell at all. Buyers who haven’t put their homes on the market yet are rarely successful in bidding.”

“If you have a buyer for your own property, make sure you know who is handling the sale for you at your own estate agency, as the seller’s agent will have a duty of care to contact them to verify the chain, to ensure ensure your offer is properly presented,” says Jan Hÿtch of Arnolds Keys.

Before making an offer, buyers must be in a good position to succeed – this usually means not having a property to sell
– Credit: Getty Images/iStockphoto

“Choose a lawyer and preferably someone local, rather than a conveyancing ‘factory’. As with all things, you get what you pay for, and a local transfer agent who knows the area and has probably done many similar transactions will always benefit you – and is much more likely to go all out if necessary.

Finally, it’s important to make sure your financing is in place, says Steve Pymm of Pymm & Co. “Your first step should be to talk to an independent mortgage adviser to find out what you can borrow. An agreement in principle (AIP) will reassure the seller, knowing that your lender has your back.

Are there tools that can help you strengthen your offer?
“Just be open and honest about your situation, and be prepared to give all the relevant information needed to verify your position,” says Jan Hÿtch.

“The seller is about to choose a buyer with whom he will work closely over the next few weeks and months, and in whom he will put all his hope and all his confidence to complete the purchase of his home. .

“Potential buyers who seem defensive or reluctant to share relevant information initially can sometimes cast doubt in the seller’s mind on their true commitment.”

House price concept showing a terracotta house sitting on top of a pile of coins

Steve Pymm says that in today’s market, buyers have little leeway when it comes to making an offer – it’s usually governed by the asking price
– Credit: Getty Images

The current market means that buyers have little leeway when it comes to making an offer, says Steve Pymm. “In this market, it’s usually the asking price, but always bid as much as you can because there are currently more buyers than houses.”

Would knowing more about the seller help?
“Knowing the seller’s position and meeting their needs can be a factor in negotiating a successful offer,” explains Nick Taylor. “Whenever possible, buyers should meet the seller. They often like to know who they are selling to. Remember, people buy from people.

“All sellers are not just looking for the best price,” admits Jan Hÿtch. “It depends on what they think of the buyer and their empathy with the buyer’s situation. In many cases, sellers turn down a higher offer in favor of someone they feel fair with because they love their home and want to feel that the next owner will love it just as much.

“This often happens when the seller is downsizing after raising their family in the home they’re selling, and they may feel compassion for people in the same situation a generation later.”

Female real estate agent showing a husband and wife around a new house with their three children

Not all sellers are just looking for the best price, some want to know their home will be serviced or provide a home for another family
– Credit: Getty Images/iStockphoto

“If you can help with deadlines and not put pressure on your supplier, that will help you,” adds Steve Pymm.

Should you make a lower offer first?
“In this market, it’s too risky,” advises Steve Pymm. “Offer what you are happy to pay as your maximum. That way, if you don’t secure the house, you know you couldn’t have done more.

Nick Taylor agrees. “Buyers need to present their best offer upfront. The lowest bidders are quickly eliminated from the process.

Can you do anything to help your offer stand out?
“In today’s market, sellers strive to agree to sell to the person they believe will be most reliable to complete the purchase,” explains Jan Hÿtch.

“This usually means that the chosen buyer is the one with the fewest variables that could prevent the sale from proceeding. So it’s often someone who already has a sale in progress on their own property, or who has sold and is in temporary accommodation, and/or who is willing to share their proof of deposit and AIP to show that your building society has their back.

Jan Hÿtch, residential partner at Arnolds Keys and chairman of the Norwich & District Association of Estate Agents

Jan Hÿtch, residential partner at Arnolds Keys and chairman of the Norwich & District Association of Estate Agents
– Credit: Arnolds Keys

“Above all, be transparent and open from the outset – the first step in legal engagement is the exchange of contracts, which often takes weeks and months after the sale is completed.

“The legal process of buying property in England and Wales is hugely dependent on trust, integrity and commitment between seller and buyer – a big ask for people who don’t usually don’t even know at first.”

How can you help speed up the negotiations?
Always put everything in writing in an email and be prepared to contact a good solicitor straight away – so get quotes before you find your property,” advises Steve Pymm.

Nick Taylor has similar advice. “Buyers can speed up the negotiation by responding quickly to agent requests for information. Be ready with the lawyer’s details. Do not choose a bucket store money transfer service as this will be a red flag for the agent. Always name a local law firm that has been recommended to you by someone you trust.

Insurance agent lawyer financial advisor broker discussing consultation mature middle aged couple sign

Nick Taylor suggests naming a local law firm, and preferably one that is recommended to you by someone you trust.
– Credit: Getty Images/iStockphoto

For Jan Hÿtch, agreeing on a timetable to aim for from the start is a good idea. “You won’t always get there, because that’s the nature of the home buying process, but at least you and the seller will start out with the same goal in mind.

“After that, respond quickly and thoroughly to inquiries and remember that everyone involved – buyer, seller, agent, surveyor and attorney – are all working towards the same end result, so try not to vent your frustrations on the people involved.”

Can you do anything to protect your offer – especially against gazumping?
“Buyers can protect their purchase by sticking to everything they’ve agreed to,” says Nick Taylor. “It doesn’t sound difficult, but you’d be surprised how many buyers don’t. Gazumper is less common than you might think, as sellers are usually very reluctant to go back on a deal once it’s been done.

Young African woman holding house keys while hugging her boyfriend in his new apartment after buying re

Jan Hytch advises being as open and honest as possible, which will put you in the best position to make a sale happen.
– Credit: Getty Images/iStockphoto

In the end, being open and honest is the best defense, says Jan Hÿtch. “To solidify your position, simply be prompt in all transactions and responses, be open, honest, and courteous to everyone involved, and conduct yourself as if you are doing all you can to help and move the proceedings forward.

“If the seller thinks you are 100% committed and doing everything you can to make the sale happen, in most cases they are unlikely to hesitate on another buyer, even for a slightly lower price. higher.”

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