You’ve had a viewing and you really want the property. When is the best time to make a offer on a house? And can you make an offer to start the negotiations, or is it better to make your maximum offer straight away?
Buyer’s agent Menno Grandia from Utrecht gives advice on how to make an offer on a house.
Want to make an offer on a house? First check with your seller’s agent.
If you are excited about a property, it’s often sensible not to wait too long before making an offer. During the viewing, check with the seller’s agent how many people are viewing, and whether there will be several viewing days so you can return for a second viewing. You will often notice more details during the second viewing. If there are several viewing days, ask the seller’s agent whether there is a chance that the house will be sold the same day, or whether the sellers intend to wait until all viewings have finished. This will help you estimate how much time you will have before making an offer on the house. It’s a momentous decision, so sleeping on it would be a good idea.
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When do you make an offer?
1. Making an offer during registration.
Sometimes, as soon as you enter a property, you will be told that (many) more viewers will be coming or have already viewed, and that the seller’s agent wants a maximum bid from all interested parties a few days after the viewing, and before a specified time. The seller can then decide who to sell the property to. This is known as a ‘sealed bid’.
2. Making an offer immediately.
You can also make your best offer immediately. This eliminates the guesswork, although I’m not a fan of this approach. The seller’s agent will generally wait until the end of the viewing period in any case, and only then proceed with consultations. So why not just wait a little? And make an offer at the end of the day.
3. Making an offer on a property at the end of the day.
Making an offer at the end of a viewing day can be a successful tactic. If the bid offers a lot of security (minimal conditions and a buyer’s agent can be helpful in that regard), then the property could be yours by the end of the day. This would be your best offer. Be sure to include an offer expiry time in your proposal. If not, then the estate agent will wait until any other offers have been received, and may not respond until the following day.
4. Taking longer to make an offer.
In the event there is no pressure from other viewers, or if the property has been on the market for some time, then time is on your side, which means that in some cases you can wait a a little longer before making an offer on a property. You will have time to sort things out and keep the sellers waiting a little longer, which could make them more inclined to say ‘yes’ after waiting. In this scenario, you would, as a rule, start your offer below the asking price and try to negotiate with the sellers.
To use a buyer’s agent or not?
Don’t forget to ask whether many buyer’s agents are interested. If the answer is ‘yes’, then it’s definitely advisable to instruct a buyer’s agent yourself. This way, you won’t be at a disadvantage. Seller’s agents often know the buyer’s agents and, if sellers value certainty, they will be more likely to deal with a buyer who has a buyer’s agent. The latter is often better informed, and the seller’s agent is familiar with the working methods of the buyer’s agent. Want to increase your chances? Contact us.
Menno Grandia
NVM buyer’s agent